Uber beats expectations in Q4, sees ridership bounce back from Omicron

Uber on Wednesday published better-than-expected fourth quarter financial results, showing both year-over-year and sequential growth, in spite of the recent Covid-19 surge. The mobility business, in fact, had more consumers active on its platform in Q4 than ever before.

The company reported diluted earnings per share of 44 cents. Revenue in Q4 grew 83% year-over-year to $5.8 billion. 

Analysts were expecting a net loss of 35 cents per share on revenue of $5.34 billion.

Trips during the quarter grew to 1.77 billion, or approximately 19 million trips per day on average. That’s up 23% over the year prior and up 8% sequentially. The company reported sequential growth in both Mobility and Delivery trips.

Monthly Active Platform Consumers (MAPCs) reached 118 million, up 8% sequentially and up 27% year-over-year.

“Our results demonstrate just how far we’ve come since the beginning of the pandemic,” CEO Dara Khosrowshahi said in a statement. “In Q4, more consumers were active on our platform than ever before, Delivery reached Adjusted EBITDA profitability, and Mobility Gross Bookings approached pre-pandemic levels. While the Omicron variant began to impact our business in late December, Mobility is already starting to bounce back, with Gross Bookings up 25% month-on-month in the most recent week.”

Gross Bookings for the quarter were $25.9 billion, up 51% year-over-year. 

Mobility Gross Bookings in Q4 were $11.3 billion, up 67% year-over-year and up 15% quarter-over-quarter (“QoQ”). The segment saw sequential growth in all geographic regions with APAC outpacing segment trends.  

Delivery Gross Bookings in Q4 were $13.4 billion, up 34% year-over-year and up 5% sequentially. Strong sequential growth in the US, Canada, and EMEA offset declines in APAC.

Freight Gross Bookings in Q4 reached $1.08 billion, up from just $313 million a year ago. That’s a jump of 245% year-over-year. Fourth quarter Freight Gross Bookings includes contributions from the $2.2 billion acquisition of Transplace, which closed on November 12, 2021. Excluding Transplace, the organic Freight business revenue grew 27% to $396 million.