The Nugget
- Uber's Q1 2024 results showcase robust growth with a 20% rise in gross bookings and an 82% increase in adjusted EBITDA, reflecting the company’s strong performance amid operational challenges.
Make it stick
- 🚀 Gross Bookings reached $37.7 billion, growing 20% year-over-year.
- 💰 Adjusted EBITDA surged to $1.4 billion, an increase of 82% year-over-year.
- 🔄 Trips on the platform hit 2.6 billion, averaging approximately 28 million trips per day.
- 📊 Free cash flow amounted to $1.4 billion, demonstrating significant operational cash generation.
Key insights
Financial Performance
- Gross Bookings: $37.7 billion (+20% YoY; +21% constant currency)
- Revenue: $10.1 billion (+15% YoY)
- Adjusted EBITDA: $1.4 billion (+82% YoY)
- Monthly Active Platform Consumers (MAPCs): 149 million (+15% YoY)
- Income from Operations: $172 million (up from a loss of $262 million YoY)
Mobility and Delivery Segments
- Mobility Gross Bookings:
- $18.7 billion (+25% YoY)
- Revenue: $5.6 billion (+30% YoY)
- Delivery Gross Bookings:
- $17.7 billion (+18% YoY)
- Revenue: $3.2 billion (+4% YoY)
- Freight Revenue:
- $1.3 billion (down 8% YoY)
Strategic Outlook
- Q2 2024 projections: Gross Bookings of $38.75 billion to $40.25 billion, and Adjusted EBITDA of $1.45 billion to $1.53 billion, indicating expected growth of 58% to 67% YoY.
Key quotes
- "Our results this quarter once again demonstrate our ability to deliver consistent, profitable growth at scale." — Dara Khosrowshahi, CEO
- "We reached a new quarterly record for Adjusted EBITDA, which grew 82% YoY." — Prashanth Mahendra-Rajah, CFO
- "More than 7 million people now choose to earn flexibly on Uber every month."
- "Driver earnings of $16.6 billion continue to grow faster than our topline."
- "Business model changes negatively impacted total revenue YoY growth by 8 percentage points."
This summary contains AI-generated information and may have important inaccuracies or omissions.