Ride-hailing firm Uber loses $1.1bllion in Q3, but mobility bookings rise as lockdown eases
Ride-hailing and logistics firm Uber has reported a $1.1BILLION net loss in its Q3 results as the financial impact of the coronavirus pandemic continues to hit their business hard.
In a statement released on Thursday it shows overall revenue for Q3, the three months ended 30 September, stood at $3.1billion. This figure represents a decline of 18% year-over-year or 17% on a constant currency basis.
Due to the easing of lockdowns around the world there were however some signs of recovery as gross private hire and mobility bookings doubled to $5.9billion from the $3.05billion recorded in the previous quarter.
That figure remains down 53% when compared to the same period last last year.
Uber’s food delivery service has returned more revenue than it ride-hailing business for the second consecutive quarter. Delivery gross bookings increased 134% year over year to $8.5billion.
Dara Khosrowshahi, Uber CEO, said: “Despite an uneven pandemic response and broader economic uncertainty, our global scope, diversification, and the team’s tireless execution delivered steadily improving results, with total company Gross Bookings down just 6% year-on-year in September.”
Khosrowshahi continued: “Mobility Gross Bookings nearly doubled from Q2 levels and Delivery surged again to 135% year-on-year growth thanks to an increasing pace of innovation, which saw us launch new industry-leading safety technology; extend delivery offerings into groceries and prescriptions; bring Uber Green to more than 50 cities; and expand both Uber Pass and Eats Pass membership plans.”
Nelson Chai, Uber Chief Finance Officer, said: “As consolidated growth returns, it will return to a more profitable foundation.”
Chai added: “Our Mobility segment generated $245 million in Adjusted EBITDA, up nearly $200 million quarter-over-quarter, while we also improved Delivery Adjusted EBITDA margins by more than 10 percentage points. Through continued strong execution and cost discipline, we remain confident in our ability to achieve quarterly Adjusted EBITDA profitability before the end of 2021.”
