Uber Technologies Inc. posted a loss on an adjusted EBITDA of $454 million in the fourth quarter, less than expected $514 million loss, according to the company’s press release. The loss reduction was a result of slight ride-hail and delivery business recovery from pandemic lows.
- Gross bookings grew 16% quarter over quarter to $17.2 billion, down 5% year over year.
- Delivery gross bookings grew 128% year over year while mobility gross bookings fell by 47% year over year on a constant currency basis.
- Revenue grew 13% quarter over quarter but declined 16% year over year.
- Delivery revenue increased 19% quarter over quarter and 224% year over year while mobility revenue grew 8% quarter over quarter but declined 52% year over year.
- Uber embarked on costs reductions throughout 2020, including cutting staff by almost 30% from the beginning of the year
- The tax-hailing entity expects airport travel, which makes up about 15% of gross bookings, to take longer to return to pre-pandemic levels.
- Uber cannot predict the quarter in which raid-hail volumes will return to pre-pandemic levels but said it is on track to achieve an adjusted profit by year-end.
Uber stock is currently declining. UBER: NYSE is down 4.65%