Uber's sales increased by 72%, achieving profitability for the first time since its establishment, loss expanded due to investment failure in China



Uber, a ride-hailing and food delivery service company, announced its financial results for the third quarter of 2021 on November 4, 2021. With this announcement, profits before tax deductions were achieved for the first time due to improved demand for rideshare, while net loss more than doubled year-on-year due to failure to invest in China. It became clear that the difficult business situation is still continuing.

Uber Technologies, Inc. --Uber Announces Results for Third Quarter 2021

https://investor.uber.com/news-events/news/press-release-details/2021/Uber-Announces-Results-for-Third-Quarter-2021/default.aspx

Uber earnings Q3 2021
https://www.cnbc.com/2021/11/04/uber-earnings-q3-2021.html

Uber makes first operating profit as driver shortage eases | Reuters
https://www.reuters.com/technology/uber-posts-first-small-adjusted-profit-ridership-rises-delivery-gets-more-2021-11-04/

Below is a summary of Uber's financial results for the third quarter of 2021, which ended on September 30. Gross bookings (handling before deducting payments to drivers) for the quarter were $ 23.1 billion (approximately 2.6 trillion yen), 57% year-on-year, and total sales increased 72% to 4,845 million. It was a dollar (about 550 billion yen). As a result, adjusted EBITDA after deducting temporary expenses was 8 million dollars (about 900 million yen), a significant improvement from the previous year when a loss of 625 million dollars (about 71,020 million yen) was recorded. ..



Demand for the ride-sharing and delivery businesses improved, which supported the strong growth in the current fiscal year. According to the announcement, gross booking of mobility including ride sharing increased 67% year-on-year to $ 9.9 billion (¥ 1.1 trillion), and gross booking of delivery was $ 12.8 billion (about ¥ 1.4 trillion). That thing.

Uber CEO Dara Khosrowshahi said, 'Early decisive investment in driver growth has allowed drivers to steadily return to the platform, further enhancing the consumer experience. Of particular importance as it reactivates. Mobility bookings have increased by 18% in the last two months alone, with 2021 Halloween weekend usage above 2019 levels. ' I did.



Uber has been in the red despite the rapid growth of its food delivery service due to the impact of the new coronavirus, but this financial report has made it the first profit on a quarterly basis. However, while the main business was strong, Uber 's share price of Chinese ride service Didi fell sharply, resulting in a net loss of $ 2.4 billion (about 2.4 billion) in the current term, up 123% from the same period of the previous year. The company still has some issues, such as 270 billion yen).

Uber CFO Nelson Chai said of turning profitable, 'I know it's just a step, but adjusting EBITDA for the entire company is an important milestone for Uber. Not only has it recovered to pre-pandemic levels for the new corona virus, but its flagship delivery business has also made profits for the first time on an adjusted EBITDA basis, bringing the entire delivery business closer to a profit-and-loss turning point. ' ..

Regarding the outlook for the next fiscal year, Uber said, 'Gross booking is 25 to 26 billion dollars (about 2.8 trillion to about 2.9 trillion yen), adjusted EBITDA is 25 to 75 million dollars (about 2.84 billion to about 2.84 billion to about). 8.52 billion yen) '.

in Web Service, Posted by log1l_ks