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Uber expects strong core profit as ride share, food delivery demand accelerates

Economic Times

Economic Times · 1y ago

Uber expects strong core profit as ride share, food delivery demand accelerates

Uber Technologies reported better-than-expected results for the holiday quarter, with higher demand in its ride-sharing and food delivery businesses. The company is expanding initiatives like memberships and corporate travel to improve user retention. Travel demand has been picking up as people step out more and companies call employees back to offices. Uber's forecast for the upcoming quarter includes a gross bookings range of $37 billion to $38.5 billion and adjusted earnings of $1.26 billion to $1.34 billion. Revenue for the fourth quarter increased 15% to $9.9 billion.

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Uber forecasts gross bookings for second quarter below expectations

Economic Times

Economic Times · 1y ago

Uber forecasts gross bookings for second quarter below expectations

Uber reported weaker-than-expected first-quarter gross bookings and forecasts for its second quarter, indicating a slowdown in its ride-share and food delivery services. However, the company's profit growth initiatives have shown positive results, with first-quarter core profit surpassing Wall Street expectations. In comparison, rival Lyft reported strong results and projected a robust quarter, citing industry-wide ride-share demand growth and user-friendly features. Uber, with a wider global presence and a range of services, including logistics, expects adjusted core profit for the second quarter to be between $1.45 billion and $1.53 billion. Gross bookings are predicted to be around $38.75 billion to $40.25 billion.

Uber unveils maiden $7 billion share buyback after first profitable year

Economic Times

Economic Times · 1y ago

Uber unveils maiden $7 billion share buyback after first profitable year

Uber Technologies announces its first-ever share repurchase program, planning to buy back up to $7 billion worth of company shares. The decision comes after a strong recovery in ride-share services and robust demand in its food delivery business. Uber's shares have seen significant growth, more than doubling in value last year. The company expects continued growth in gross bookings and adjusted core profits, with a focus on operational discipline. This move reflects Uber's confidence in the demand for its services and its commitment to returning capital to shareholders. Source: The Economic Times.

Uber forecasts upbeat second quarter on steady ride-hailing, delivery demand

Economic Times

Economic Times · 3m ago

Uber forecasts upbeat second quarter on steady ride-hailing, delivery demand

Uber forecasts robust second-quarter performance, exceeding Wall Street expectations, driven by strong demand for ride-hailing and food delivery services. The company anticipates gross bookings between $45.75 billion and $47.25 billion. Despite a 14% rise in total revenue, Uber's numbers slightly missed expectations. The firm expects second-quarter adjusted earnings between $2.02 billion and $2.12 billion. Accelerating into autonomous driving, Uber is strengthening ties with partners like Waymo, contributing to a 42% stock surge in 2023.

Uber posts first annual profit since its IPO

Livemint

Livemint · 1y ago

Uber posts first annual profit since its IPO

Uber Technologies reported its first full-year profit since going public in 2019. The company's profit in 2023 was $1.43 billion, thanks to income from equity investments and operations. CEO Dara Khosrowshahi called it an "inflection point" for Uber, demonstrating its ability to generate profitable growth. The last quarter of 2023 showed strong demand for Uber's ride-sharing and food-delivery services, with transaction value increasing 22% and revenue up 15%. Uber has made cost-cutting efforts, including job cuts during the pandemic, and has become more disciplined in its spending.

Write-offs, Uber onslaught complicate Ola’s profitability

The Arc Web

The Arc Web · 1y ago

Write-offs, Uber onslaught complicate Ola’s profitability

Ola, the ride-hailing company, incurred losses of Rs 1,082 crore in FY23, driven by write-offs in its used cars, food delivery, and grocery businesses, as well as attempts to protect market share from Uber. The food delivery subsidiary experienced a significant drop in revenue, while the cab-leasing and grocery units also suffered losses. In comparison, Uber's losses in India rose by 57% to Rs 311 crore. Ola's ride-hailing sales increased by 63% to Rs 1,987 crore, but Uber is narrowing the sales gap.

Grab unveils first-ever share buyback after profitable quarter

Reuters · 1y ago

Grab unveils first-ever share buyback after profitable quarter

Singapore-based company Grab Holdings announced its first-ever quarterly profit and a share repurchase plan worth $500 million. The profit was attributed to cost-cutting measures and increased demand for their ride-share and food-delivery services. Grab has reduced its workforce, cut back on incentives, and minimized technology costs over the last two years. The company also forecasted its fiscal 2024 revenue at $2.70 billion to $2.75 billion, with full-year adjusted core profit estimated between $180 million to $200 million. In the fourth quarter, Grab reported revenue of $653 million and a net income of $11 million.

Zomato ends rain fee waiver for Gold members as losses balloon

Economic Times

Economic Times · 2m ago

Zomato ends rain fee waiver for Gold members as losses balloon

Zomato has reintroduced a 'rain fee' for Gold members, ending previous waivers, to improve compensation for delivery partners during rainy conditions. From May 16, this charge will apply to all Zomato users. Additionally, the ride-share app observed a strong revenue increase due to Blinkit, despite escalating losses, adversely affecting its profit margin. Zomato phased out certain services, focusing on food delivery amid challenges in discretionary spending and a subsequent decline in order volumes due to quality enforcement.

Uber unveils its 1st-ever share buyback plan worth $7 billion

Inshorts · 1y ago

Uber unveils its 1st-ever share buyback plan worth $7 billion

Uber on Wednesday announced its first-ever share buyback program in which it will repurchase up to $7 billion worth of company shares. This comes after the ride-hailing firm posted its first annual net profit since going public in 2019. "Today's authorisation of our...share repurchase program is a vote of confidence in the company's strong financial momentum," CFO Prashanth Mahendra-Rajah said.

Uber to buy controlling stake in Turkey's Trendyol GO food delivery business for $700 million

Economic Times

Economic Times · 3m ago

Uber to buy controlling stake in Turkey's Trendyol GO food delivery business for $700 million

Uber plans to acquire an 85% stake in Turkish food and grocery delivery platform, Trendyol Go, for $700 million. This move aims to diversify Uber's growth markets beyond North America, where its core business shows signs of saturation. Trendyol Go, which delivered over 200 million orders in 2024, will remain independent while integrating Uber Eats features. This acquisition demonstrates Uber's strategy to reassure investors and compete with rivals like DoorDash in the food delivery sector.

Zomato gets service tax demand, penalty order of ₹184 crore, set to appeal

Livemint

Livemint · 1y ago

Zomato gets service tax demand, penalty order of ₹184 crore, set to appeal

Indian online food delivery platform Zomato has received a service tax demand and penalty order of over ₹184 crore ($25 million) for non-payment of service tax on certain overseas sales. The demand covers the period from October 2014 to June 2017, and Zomato plans to appeal the order. The company believes it has a strong case and expects no financial impact as a result of the dispute.

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