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Business at taxi competitor Uber is getting back on its feet after the corona pandemic slump. After the bookings had risen sharply due to the exit restrictions, especially for delivery services, trip bookings also rose significantly year-on-year. Nevertheless, there is an operating loss that is turned into a quarterly profit due to balance sheet effects.
In the second quarter, Uber doubled its revenue from the same period last year to 3.9 billion US dollars (3.3 billion euros), as the company said on Wednesday communicated after the US market close Has. Both the main business with driving service brokerage – which was largely paralyzed by the pandemic a year ago – and the delivery division around the food delivery service Uber Eats are growing vigorously.
Customers booked rides with Uber for $ 8.6 billion in the second quarter, 184 percent more than in the same period last year. Orders for delivery services such as the Uber Eats food delivery service rose 85 percent year-on-year to $ 12.9 billion, so Uber’s share grew accordingly. In June there were over 84 million customers (+ 84%).
Balance sheet profit, but operating loss
The operating loss has fallen by a good quarter to $ 1.2 billion. Uber’s net income turned from a loss of $ 1.8 billion to a profit of $ 1.1 billion. This is based on positive balance sheet effects from investments, including in the Chinese rival Didi and the robot car company Aurora. At the end of last year, Uber sold its self-driving car division to Aurora, but holds a 26 percent stake in the start-up.
Overall, the still high losses of its own business on Wall Street are not well received: sales by institutional investors initially caused Uber’s shares to fall by more than six percent in an after-hours reaction. The share price then recovered somewhat, but remains in the red at two percent.
Uber wants to be “profitable” in 2021
Ubers CFO Nelson Chai confirms his plan to be profitable by the end of the year with the self-defined key figure of adjusted earnings before interest, taxes, depreciation and amortization and thus in his own opinion. In the current third quarter, this number should be pushed below $ 100 million minus.
Due to the pandemic, Uber recently had fewer chauffeurs available, so prices and waiting times have increased. That’s why the company has invested in drivers, according to Uber boss Dara Khosrowshahi. In the United States, the number of monthly active chauffeurs and couriers increased by almost 420,000 from February to July. (with material from dpa) /
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