Uber continues to climb its way out of the pandemic with revenue jumping 83% and its delivery unit reaching adjusted EBITDA profitability for the fourth quarter of 2021.
For the quarter ending December 31, 2021, Uber posted revenue of $5.8 billion, up 83% year-over-year.
Adjusted EBITDA for Q4 2021 was $86 million, up $540 million year-over-year, while net income was $892 million.
Mobility gross bookings – Uber’s flagship ride-hailing product – for Q4 2021 neared pre-pandemic levels at $11.3 billion, up 67% year-over-year.
Overall, gross bookings grew 51% year-over-year to $25.9 billion. Trips for Q4 grew 23% year-over-year to 1.77 billion, and delivery gross bookings increased 34% year-over-year to $13.4 billion.
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Uber CEO Dara Khosrowshahi made good on his promise that the company’s delivery business would reach adjusted EBITDA profitability by the end of 2021: For the quarter, delivery adjusted EBITDA was $25 million, up $170 million year-over-year.
Mobility adjusted EBITDA for the quarter was $575 million, up $282 million year-over-year.
For the full year 2021, Uber narrowed its net loss significantly by 93% from 6.8 billion in 2020 to 496 million in 2021.
Revenue for the year climbed 57% from $11.1 billion in 2020 to $17.5 billion.
Adjusted EBITDA for the year ending December 31, 2021, was a loss of $774 million, a change of 69% from a loss of $2.5 billion in 2020.
Gross bookings for the full year 2021 were $90.4 billion, up 27% year-over-year, while trips increased by 27% from 5 billion to 6.4 billion.
“Our results demonstrate just how far we’ve come since the beginning of the pandemic,” said Khosrowshahi.
“In Q4, more consumers were active on our platform than ever before, delivery reached adjusted EBITDA profitability, and mobility gross bookings approached pre-pandemic levels. While the Omicron variant began to impact our business in late December, mobility is already starting to bounce back, with gross bookings up 25% month-on-month in the most recent week.”