Uber CEO CEO Dara Khosrowshahi says the company had its “best quarter ever” in Q1 2021 as the ride-share platform narrowed its losses and saw gross bookings reach an all-time high.
For the quarter ending March 31, 2021, Uber recorded a net loss of $108 million compared to a net loss of $968 million in Q4 2020. The change is largely due to Uber selling off its driverless-car unit in December.
Gross bookings reached a high of $19.5 billion, up 24% year-over-year.
Adjusted EBITDA for the quarter was a loss of $359 million, an improvement of 95% quarter-over-quarter and $253 million year-over-year.
Uber’s Q1 2021 revenue of $2.9 billion and mobility revenue of $853 million were reduced by a $600 million accrual made for the resolution of historical claims in the United Kingdom relating to the classification of drivers.
Subscribe to our newsletter below
Excluding the U.K. accrual, revenue in Q1 2021 grew 11% quarter-over-quarter and 8% year-over-year to $3.5 billion.
Mobility revenue, excluding the U.K. accrual, declined 1% quarter-over-quarter and 41% year-over-year to $1.5 billion.
Mobility adjusted EBITDA was $298 million, up $5 million quarter-over-quarter and down $283 million year-over-year.
Meanwhile, delivery revenue for the quarter was $1.5 billion, up 28% quarter-over-quarter and a whopping 230% year-over-year.
Delivery adjusted EBITDA was a loss of $200 million, down $55 million quarter-over-quarter but up $113 million year-over-year.
Compared to Q4 2020, adjusted EBITDA was $55 million lower, driven by the consolidation of Postmates, investments in new verticals and investments in courier supply in March. Postmates is expected to be fully integrated by midyear.
In a call with analysts, Khosrowshahi said Uber’s delivery business has continued to surpass growth expectations and is expected to reach adjusted EBITDA profitability by the end of the year.
“Uber is starting to fire on all cylinders, as more consumers are riding with us again while continuing to use our expanding delivery offerings,” Khosrowshahi said.
Yesterday, Uber announced an exclusive partnership with Gopuff to expand its delivery offerings with everyday essentials.
“We will continue to innovate and find new ways to deepen engagement with our customers, as the only global platform that helps you go wherever you need and get whatever you want.”
On the mobility front, similar to competitor Lyft, Uber is facing driver shortages as ridership picks back up. Khosrowshahi said many drivers left the platform due to concerns over safety and lack of rider demand.
Last month Uber said it would invest $250 million to help bring back drivers.
Uber said it had 3.5 million active drivers and couriers on the platform in Q1 2021, down 22% from the previous year.
Trips on the platform were flat quarter-over-quarter at 1.45 billion, with continued growth in delivery trips offsetting declines in mobility trips.
In its earnings call yesterday, Lyft reported a revenue uptick of 7% quarter-over-quarter from $569.9 million to $609 million.
Its net loss for the quarter was $427.3 million compared to a net loss of $398.1 million in the same period in 2020.