Uber’s fourth quarter 2021 results

Uber announced its fourth-quarter results after the bell on Wednesday. The company beat analysts’ revenue estimates for the quarter and said it was beginning to rebound from headwinds caused by the omicron coronavirus surge.

Shares of the company rose more than 6% in after-hours trading.

Here are the key numbers:

  • Earnings per share: 44 cents
  • Income: $5.78 billion vs. $5.34 billion, according to a Refinitiv survey of analysts.

The company reported net income of $892 million, which includes net income of $1.4 billion, before tax, related to its equity investments. Uber’s EPS of 44 cents includes this big investment gain. Excluding it, Uber posted an adjusted loss of 26 cents per share, according to Refinitiv, beating Wall Street expectations of a loss of 35 cents per share.

Its adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization, was $86 million. That’s an increase of $540 million from the same quarter a year ago.

Here’s how Uber’s largest business segments fared in Q4 2021:

  • Mobility (gross reservations): $11.3 billion, up 67% year over year
  • Delivery (gross reservations): $13.4 billion, up 34% year over year

The company’s delivery segment, which includes its Uber Eats business, has continued to hold its own as food delivery has become part of everyday life. In an update to shareholders, the company said its number of delivery merchants had grown to more than 825,000. Delivery revenue of $2.42 billion topped the $2.28 billion generated by its main carpooling activity. Cargo revenue increased 245% year over year to $1.08 billion.

In a statement, Uber CEO Dara Khosrowshahi said the omicron coronavirus variant was weighing on its business, but the numbers were recovering quickly.

“While the Omicron variant began impacting our business in late December, Mobility is already starting to rebound, with gross bookings up 25% month-on-month in the most recent week” , Khosrowshahi said.

During the company’s earnings call, Khosrowshahi added that the company has maintained a strong driver supply even with the pandemic outbreak, which has resulted in shorter wait times and fewer surges.

Uber reported 1.77 billion trips on the platform during the quarter, up 8% from the previous quarter and 23% from 2020. The platform’s monthly active consumers reached 118 million, also in up 8% in the quarter. Drivers and couriers earned a total of $9.5 billion in the quarter.

Khosrowshahi said the company is working to add more workers who drive across its entire rig, instead of just eating or riding.

Another marker of pandemic recovery, gross airport bookings accounted for 13% of Uber’s mobility gross bookings. This represents an increase of 24% compared to the third quarter and almost 200% compared to the same period a year ago.

For its first quarter of 2022, Uber said it expects gross bookings of $25 billion to $26 billion. It projects adjusted EBITDA of $100 million to $130 million.

The executives briefly touched on the growing field of superfast delivery during the company’s call. Venture capitalists have poured funds into companies promising customers their orders within extremely short time frames, like 10 to 15 minutes. Uber chief financial officer Nelson Chai said the company was testing but focused primarily on partnerships.

Uber’s biggest U.S. competitor, Lyft, released its fourth-quarter financials on Tuesday. The company beat estimates on adjusted earnings per share and revenue, but said it had fewer active riders than in the previous quarter. He also warned that omicron was weighing on its first quarter results.

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