Uber Surges in Revenue Despite Net Loss in First Quarter

Uber, an American digital ride-hailing and delivery services company, reported strong revenue growth in the first quarter of 2021. Despite facing a net loss of $654 million, the company saw a significant increase in the number of users and trips on its platform. Uber’s revenue increased by 15 percent compared to the same period last year, reaching $10.13 billion.

Revenue from transportation services rose by 29 percent to $5.6 billion, while revenue from delivery services increased by four percent to $3.2 billion. The growth in transportation business was attributed to an increase in trips to airports and offices, while the service business saw growth from new customers and faster delivery times, according to CEO Dara Khosrowshahi.

The number of active users on the platform in a one-month period rose by 15 percent, and the number of trips increased by 21 percent. Despite this growth, Uber ended the quarter with a net loss of $654 million, three times higher than the previous year. However, adjusted basic profit surged by 82 percent to $1.38 billion. The gross value of reservations also increased by 20 percent to $37.7 billion.

Looking ahead to the second quarter, Uber expects the value of reservations to be in the range of $38.75 to $40.25 billion as it continues to grow its user base and expand its services offerings