As publicly traded travel companies continue to report their earnings for the first quarter of this year, we round up the latest reports.
American
Express Global Business Travel
American
Express Global Business Travel said large corporations accounted for much of
its growth in the first quarter of this year and outpaced growth from small-
and medium-sized companies (SME).
Total
transactions from Amex GBT’s global, multinational clients increased 11% year over
year, said CEO Paul Abbott during a call Tuesday to share the quarterly results
with analysts.
Meanwhile, transaction growth from SME clients increased just 5% compared with Q1 2023, which
Abbott said was less than expected.
Total transaction
value for the company grew 9% year over year to $8.1 billion during Q1 and
revenue grew 6% year over year to $610 million. Adjusted EBITDA in Q1 was a record
of $123 million, representing growth of 24%.
In March
Amex GBT announced plans to acquire CWT, and Abbott said the acquisition “accelerates
our ability to deliver long-term growth and value creation for shareholders.”
The acquisition is expected to close in the second half of this year.
Uber
Uber’s gross
bookings in the first quarter of this year were $37.7 billion, up 20% year over
year. Mobility booking accounted for $18.7 billion of that total, up 25%, and delivery
gross bookings were $17.7 billion, up 18%.
The
company reported nearly 2.6 billion trips in the quarter, up 21% versus Q1
2023, and monthly active platform users were 149 million, up 15% year over
year.
Adjusted
EBITDA in the quarter was $1.4 billion, up 82% year over year.
On the
call with analysts to discuss the results, Uber CEO Dara Khosrowshahi said the
company is exploring new benefit opportunities for its Uber One members.
“You will see
more member exclusive coming up where members have exclusive access to events
and experiences, which will kind of surprise and delight our members,” he said.
Lyft
Lyft
reported gross bookings of $3.7 billion in the first quarter this year, up 21%
compared with Q1 2023.
Quarterly
revenue of $1.3 billion was up 28% year over year, and adjusted EBITDA was
$59.4 million compared with $22.7 million in the same period last year.
“We continue to see
demand for our platform increase and our Q1 results reflect this: We delivered
strong top-line growth and had our second consecutive quarter of positive free
cash flow,” said Erin Brew, Lyft chief financial officer. “We've had a solid start to the year and
we’re on track to deliver on our full-year financial goals with an improved
outlook for our full-year free cash flow.”
Lyft
managed 188 million rides between January and March, with 21.9 million active
riders.