Uber Technologies Inc (NYSE:UBER) (Uber Technologies Inc (NYSE:UBER)) continued its bounce back from a pandemic slump as it reported strong growth in its ride-hailing and delivery businesses.
Earnings though were wrecked by losses of US$5.6bn on investments in other ride-sharing services, primarily Didi in China.
The company reported US$6.9bn in revenue for the first three months of 2022, up 136% compared with the same period last year and exceeding analysts' expectations.
Uber's confidence and rosy outlook for the quarter contrasted sharply with competitor Lyft, which saw its stock fall 33% today after executives said they would spend more money to persuade drivers to return to the platform.
After spending heavily to have drivers return to its platform early in the pandemic, Uber responded in March by charging a small fuel fee for each trip, which went to drivers.
The company said it has more drivers on its platform than ever before during the pandemic.
Uber's app was used by 115mln people each month during the third quarter, an 18% jump, and the ride-hailing company logged 1.7bn trips, a 17% increase during the quarter.
Underlying profit [adjusted EBITDA] for the first quarter was US$168mln, while its second-quarter adjusted EBITDA forecast is between US$240mln and US$270mln.
Uber said it would generate "meaningful positive cash flows" for the full year, a first for the company in its 13-year history.
The food-delivery service grew 12% as people returned to restaurants and grocery stores.
Chief executive, Dara Khosrowshahi, said the results "make clear that we are emerging on a strong path out of the pandemic."
Shares fell 11% to US$26.10.