Uber released its Q1 2024 results on Wednesday, revealing better-than-expected revenue but an overall net loss. The rideshare company's revenue grew 15% from the previous year, reaching $8.82 billion. Although gross bookings reached $37.65 billion, it fell short of the expected $37.93 billion. The net loss for the quarter widened to $654 million, compared to a $157 million net loss in the first quarter of 2023.
In an interview with CNBC, CEO Dara Khosrowshahi stated the net loss was not due to the operating business, pointing to a $721 million loss connected to the revaluation of equity investments in the total loss figure. Although these might not reoccur in the future, Khosrowshahi said markets’ unpredictability prevents reliable forecasting.
Uber projects gross bookings for Q2 to range between $38.75 billion and $40.25 billion, slightly below the anticipated $40 billion.
During Q1, Uber experienced a 15% year-over-year increase in monthly platform users, reaching 149 million. The platform completed 2.6 billion trips, which represented a 21% growth. The company's mobility segment reported a 30% increase in revenue, reaching $5.63 billion, while the delivery segment showed a 4% increase that rose to $3.21 billion.
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