Uber Reports Growth, But Loses $5.6 Billion From Investments

Uber, which was already spending heavily on attracting drivers who had already gone out of the epidemic, responded by charging riders a small fuel fee for each trip in March, which the drivers had, and said Wednesday it had more drivers on its platform. Any time since the epidemic began.

That confidence – and its bright outlook for the next quarter – was in stark contrast to its rival Lift, which reported financial results on Tuesday and company executives said on a earnings call that its stock was down 25 percent in hours trading after they were still struggling. Was seen. More money will be spent on persuading drivers to return to the platform and encouraging them to do so.

Shares of Uber also fell with the lift, and Uber said shortly afterwards that it would announce its financial results hours earlier than planned on Wednesday, in an attempt to distinguish its results from the lift, and that its shares would fall when the market opened. Before and after that morning. Uber’s stock, however, was down about 8 percent in pre-market trading.

On a call with investors on Wednesday, Mr. Khosrowshahi acknowledged that Uber also needs to continue to increase the number of drivers on its platform. But he drew an optimistic picture of the company’s business, pointing to potential growth areas such as Uber’s partnership with taxi companies and its investment in the freight industry.

“We have a lot of work ahead of us, but this is a machine that is coming back,” he said of the supply of drivers, adding that Uber “is starting to show isolation against our competitors.”

Although Lift said the number of active drivers in the first three months of the year increased by 40 percent compared to the same period last year, the company’s chief executive Logan Green also said drivers “signed off” during Omicron and returned the required number to meet rebounding demand. Was to come.

Lift reported better-than-expected revenue, $ 876 million, a 44 percent increase in the first quarter of 2021 and a net loss of $ 197 million, down 54 percent from a year earlier. The company had 17.8 million active riders, up from 13.5 million at the beginning of last year but by the end of 2021 it was down to about 19 million.

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