During the first quarter of 2023, the dominant ride-hailing company Uber claimed a 24% rise in trips, reaching 2.1 billion, or almost 24 million rides per day on average.
The business considerably increased Q1 trip growth to 24% from 19% last quarter, according to Uber CEO Dara Khosrowshahi, with “mobility trip growth of 32% as a result of improved earnings and consumer engagement.”
“Looking ahead, we are focused on extending our product, scale, and platform advantages to sustain market-leading top and bottom-line growth beyond 2023,” he said during the company's quarterly results call late on Tuesday.
A constant currency basis, gross bookings increased by 22% to $31.4 billion, or 19% year over year, with mobility gross bookings increasing by 40% to $15 billion.
According to the firm, revenue increased by 29% YoY to $8.8 billion, and the net loss was $157 million. Of this, $320 million net benefit (pre-tax) was principally attributable to net unrealised gains relating to the revaluation of Uber's equity assets.
Nelson Chai, CFO, said that “we delivered record profitability and free cash flow in Q1 and we are poised to expand profitability again in Q2.”
The executive stated, “We continued to carefully manage our balance sheet, reducing our equity position in Yandex Taxi and refinancing our term loans, and remain focused on disciplined capital allocation over the future years.
Uber projects gross bookings of $33 to $34 billion for Q2 2023 and adjusted EBITDA of $800 to $850 million.
major ride-hailing In order to grow its super app business, Uber sold a $400 million interest in Careem, a ride-hailing firm located in the Middle East, last month.
