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Revenue from Uber Q3 2020



Uber shares fell more than 2% after the company reported third-quarter revenue on Thursday that failed Wall Street expectations, including a 18% drop in revenue from a year ago.

Here’s how the company performed compared to what Wall Street analysts expected in the period ending September 30, 2020:

  • Losses: 62 cents / share compared with 65 cents / share expected, according to consensus of analysts surveyed by Refinitiv.
  • Revenue: $ 3.1
    3 billion vs. $ 3.20 billion projected per Refinitiv.

Overall, Uber lost $ 1.09 billion on a GAAP basis during the quarter, an improvement from a year ago when its losses amounted to $ 1.16 billion.

Here’s how its biggest businesses work:

  • Mobility (total bookings): $ 5.91 billion
  • Delivery (total bookings): $ 8.55 billion

Mobility’s adjusted net revenue, which includes Uber’s core business, fell 52% year-on-year to $ 1.37 billion in the third quarter, while Delivery’s net revenue adjusted, including Uber Eats, up 190% year-on-year to $ 1.14 billion.. Adjusted net revenue is a non-GAAP measurement of revenue minus driver incentives, referral payments and the cost of reimbursing drivers for Covid protective equipment. 19.

The company reiterated instructions that Uber is expected to be profitable on an EBITDA basis by the end of 2021.

In a conference call to discuss the results, CEO Dara Khosrowshahi said while the past eight months have been tough, there have been early signs that the company’s core mobile business will recover. full. He said Uber improved its position in 11 of the top 15 US markets in the third quarter including New York City, Chicago and Atlanta.

Uber shares soared on Wednesday and continued to rise Thursday ahead of earnings, after the company’s proposed voting measure, Prop 22, won voters’ support in California’s elections.

Prop 22 allows Uber, along with its colleagues and competitors Lyft, Instacart, and DoorDash, to treat their drivers and deliverers as independent contractors, not employees. That means Uber will avoid the costs of providing full driver benefits and protections, including paid sick days and other vacation time, unemployment insurance and healthcare. strong.

Instead, under Prop 22 in California, Uber will pay partial benefits to qualified drivers, such as the minimum base wage that is better than the federal minimum wage and insurance benefits. driver health, with subsidies based on the number of hours they work.

In addition to the political battle to maintain its business model, Uber has faced pandemic-related negative effects on its ride-hailing business for most of 2020. Due to numerous medical orders and border policies restricting travel and commuting, however, Uber users have ordered more meals for delivery via Uber Eats.

With its food delivery business expanding beyond its core business in Q2 2020, Uber agreed to buy back the courier service Postmate, once seen as a competitor to Uber Eats, with an agreement. was worth about $ 2.65 billion in July. Before that, it bought Cornershop, a grocery delivery business, and started delivering groceries in New York City last month.

Since its second-quarter report, Uber has raised half a billion dollars in equity to boost the growth of its logistics arm, Uber Freight. The business unit that Uber founded in 2017, has an after-cash value of $ 3.3 billion, the company said in a statement. Uber Freight recorded only $ 290 million in bookings in the third quarter of 2020, up 30 percent from the same period last year.

This is a growing story, please check back for updates …


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