THE Uber started November announcing the financial results of its operations in the third quarter of 2022. The numbers show that the company ended the period with $1.2 billion loss. But not everything is bad. Losses have decreased year on year. In addition number of runs increased by 26% between July and September.
More races, more drivers
Several countries, including Brazil, have experienced an escalation in inflation in recent months. Among Uber’s shareholders, there were fears that this scenario would lead to a reduction in the number of trips. As is already clear, that is not what happened.
Dara Khosrowshahi, CEO of Uber, celebrated: “Even as the macroeconomic environment remains uncertain, the core business [atividade principal] Uber is stronger than ever.”
Compared to the same period in 2021, the number of trips via Uber rose 26%. At the same time, the number of monthly active users jumped to 124 million, up 14% year-on-year.
In the United States and other countries, Uber has seen a reduction in the number of drivers who work with the platform. This is bad not only for decreasing the number of cars available, but also for inflating prices for users.
But this problem was also overcome. At the end of September 2022, the service’s driver base was equivalent to the number recorded in the same period in 2019, reveals the company.
Overall, Uber celebrates the recovery of activities in the post-pandemic scenario. In the last quarter, the number of service users exceeded the base registered before COVID-19 prevention actions began.
No profit, but loss decreased
Despite a cloud of relief hovering over Uber, the timing still demands attention. In the third quarter of 2022, the company reported revenue of US$ 8.34 billion, an increase of 72% compared to the same period last year (US$ 4.84 billion). But the net loss was $1.2 billion.
Let it be clear that these numbers do not only involve passenger travel. Uber Eats (which was discontinued in Brazil for restaurant deliveries) and parcel deliveries as well. The revenue by category looked like this:
- Passengers: $3.82 billion
- Uber Eats: $2.77 billion
- Deliveries: $1.75 billion
The situation is not dramatic, however. In the third quarter of 2021, when the effects of the pandemic were still very present, Uber saw its loss stand at US$ 2.43 billion. There was a 50.6% decrease in net loss, therefore.
already the EBITDA adjusted (earnings before interest, taxes, depreciation and amortization) for the quarter was US$ 516 million, a figure above what market analysts had forecast (US$ 457.7 million), explains CNBC.
And for the current quarter?
For the fourth and final quarter of 2022, Uber shows optimism about the numbers of its operations, but without taking its feet off the ground. Ebitda, for example, should be in the range of US$ 600 to US$ 630 million, the company projects. But net profit is not expected for the period.
At the end of the day, the impression given by the company is that its path to profit is still under construction, but it is advancing consistently.