Uber has a loss of US$ 2.4 billion and promises Uber’s return Together – Negócios – Tecnoblog

A Uber revealed this last Wednesday (4) its financial results for the third quarter, recording a net loss of $2.4 billion. The company attributed the losses to a drop in the value of its investments, but the per-app transport company has been struggling with race prices and driver availability since the start of the pandemic. Therefore, the Uber together also had his return confirmed.

Uber application (Image: André Fogaça/ Tecnoblog)

Uber continues with negative financial results

The company highlighted an EBITDA profit (well-modified metric referring to earnings before interest, taxes, depreciation and amortization) of $8 million, showing the result as positive, mainly compared to a loss of $507 million in EBITDA in the quarter. previous. However, Uber still registered a net loss of $2.4 billion.

According to the company, the main cause was the drop in the value of your investments, especially in Chinese Didi. However, Uber also said its stakes in Zomato, Aurora and Joby helped offset some of that loss. The loss recorded was considerably higher than that recorded in the same quarter of 2020, of US$ 1.09 billion. Thus, the company continues with a long history of negative balances.

Since the beginning of the pandemic, Uber has been facing a serious imbalance in availability of drivers and demand for racing In all world. As a result, prices have risen dramatically along with waiting time. Even though the company has not connected the dots, its financial results are likely to continue to be affected by this issue.

In the United States, Uber registered a 60% increase in the number of active drivers between the third quarter and the same period last year. In addition, there are already ten consecutive weeks of growth in the transport company’s fleet per app, including the month of October. The company’s CEO, Dara Khosrowshahi, also pointed out that “driver recruitment spending” has also been left behind.

The return of Uber together?

Uber Together (Image: Publicity/ Uber)
Uber Together (Image: Publicity/ Uber)

Along with the release of its financial results on Thursday, Uber also revealed that it intends to continue fighting high prices with resumption of Uber Together, of shared races, in the United States.

The modality was disabled since March 2020 due to the pandemic. Now, given the progress of vaccination against COVID-19 around the world, it seems like a good time for his return. In connection with investors, Khosrowshahi hinted that the shared race service should return soon, at least to the American market.

Uber prices are on average 20% higher compared to last year. Even though the scenario has improved throughout 2021, prices are still far from pre-pandemic levels. Khosrowshahi hopes Uber Together will succeed further lower costs.

Through this service, up to three passengers can use the same journey to reach their respective destinations, dividing the cost of the trip. However, while it was working, many drivers complained about the modality, saying that the determined routes were bad and that passengers often left negative reviews.

Uber Eats is more profitable

Uber Eats (Image: Publicity/Uber)
Uber Eats (Image: Publicity/Uber)

Although Uber was born with the purpose of being a transport application, this is not its most profitable area of ​​activity. In reality, while the company seeks to improve its initial app in every way, it is the delivery service Uber Eats that delivers the most return the company.

Uber’s gross income in the urban mobility sector was US$9.9 billion in the last quarter, representing a growth of 67% compared to the same period in 2020. The value referring to its delivery service reached US$12 .8 billion, growing 50% since last year.

With information: Techcrunch, The Verge

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