Uber has had a successful first quarter of 2022 through some measures, doubling its year-over-year revenue to $ 6.85 billion. The increase in the demand for racing following the explosion of the Omicron variant played an important role, as did the higher race prices due to the lack of drivers.
According to Uber, travel has made 1.71 billion trips in the last quarter, an increase of 18% over the first three months of 2021. The total amount that Uber receives from customers for travel has increased by 58% year on year. year, up to $ 10.7 billion. Uber’s $ 2.2 billion in revenue from racing. Of the deliveries, it earned $ 2.51 billion in revenue, according to the company.
However, Uber’s net loss rose from $ 108 million in Q1 2021 to $ 5.93 billion last quarter. This is largely due to its investments in Didi, Grab Holdings and Aurora Innovation. However, Uber believes that cash flow will be positive year-round by 2022.
How Uber is doing after the pandemic
This growth is expected to continue this quarter. Uber claims that the value of flights booked in April exceeded 2019 levels. The company also noted that waiting times were at their best.
Uber says many drivers have opted to switch to Eats deliveries. CEO Dara Khosrowshahi said she would not have to make “significant incremental incentive investments” to keep drivers on the platform and persuade new drivers to get behind the wheel.
The same cannot be said of rival Lyft – it expects to spend more to get drivers to return or join its platform. It takes more than expected for the driver base to return to pre-pandemic levels, Lyft President John Zimmer told Reuters. Uber has an advantage over Lyft in this regard, as its drivers can choose to deliver food and other items instead of carrying passengers. However, Lyft did not provide further details on how much it will spend on driver incentives.
Lyft had revenue of $ 875.6 million for the first quarter, up 44% year-on-year. It had a net loss of $ 196.9 million, a significant decrease from a net loss of $ 427.3 million a year earlier. Its active number of cyclists increased to 17.8 million from 13.5 million in Q1 2021.