Uber hits record $6.9B revenue for a financial quarter

The huge 136% year-over-year revenue increase pushed the transportation and food delivery service provider Uber to a return to record revenues in the first quarter of 2022.

The US-based company posted $6.9 billion in revenue between January and March this year, eclipsing previous record quarters in the fourth quarter of 2021 ($5.7 billion), the third quarter 2021 ($4.8 billion), second quarter 2021 ($3.9 billion) and first quarter 2020 ($3.2 billion).

Adjusted EBITDA was $168 million, up $527 million from the corresponding quarter of 2021.

Delivery activity attracted nearly $14 billion in gross bookings year-over-year in the first quarter, with mobility of $10.7 billion (up 58% year-over-year).

The number of monthly active users on the service grew 17% to 115 million in the first quarter over the same period in 2021.

The Uber For Business unit saw gross bookings of $1.2 billion, a 91% year-over-year increase, the company said in its latest earnings statement.

North America accounts for the largest share of revenue with a significant margin, contributing some $4.6 billion to the company, compared to $432 million in Latin America, $1.1 billion in Europe , Middle East and Asia-Pacific ($733 million).

CEO Dara Khosrowshahi said, “Our results demonstrate how far we have come in emerging from the pandemic and how the power of our platform differentiates our business performance.

“There has never been a more exciting time to innovate at Uber and we are focused on executing our strategy to grow our platform profitably.”

Uber expects gross bookings of between $28.5 billion and $29.5 billion in the second quarter of 2022.

Khosrowshahi adds, “After more than two years of lingering and sometimes unpredictable impacts on our business, our first quarter results clearly show that we are emerging on the right track from the pandemic.”