Losses are 4 times greater than in the same period in 2023; company cites regulatory and reserve changes
Uber recorded a loss of US$654 million in the 1st quarter of 2024, according to a balance sheet released this Wednesday (May 8, 2024). Losses are 4 times greater than in the same period in 2023. Here is the complete of the report (PDF – 82kB, in English).
In the statement, the company mentioned that the loss was caused by regulatory changes and changes in the company’s legal reserves. In Q1 2024, Uber generated operating revenues of $172 million.
Uber CEO Dara Khosrowshahi stated that the results “They once again show the ability we have and deliver consistent growth with gains in scale.”
Despite the loss, the gross value generated by trips made through the app grew 21% compared to the 1st quarter of last year. According to the company, 7.1 million drivers and delivery people received a total of US$16.6 billion.
For the 2nd quarter, gross travel values are expected to grow by 18% to 23%, resulting in up to US$40.2 billion for the company’s coffers.
Khosrowshahi also highlighted the app’s partnership with Instacart, a North American food delivery platform that operates in the United States and Canada. He said that cooperation between the companies will reach a new consumer audience and help Uber’s growth.
“This partnership is about playing offense to find another growth vector for our US delivery audience”he said in a statement.
#Uber #records #loss #US654 #million #1st #quarter