Uber’s revenue skyrockets at the start of the year, attracting more users and trips worldwide

Uber, an American digital ride-hailing and delivery services company, announced impressive double-digit revenue growth in their latest report. The company saw a 15 percent increase in revenue in the first quarter of this year compared to the same period last year, totaling $10.13 billion. Revenue from transportation services grew by 29 percent to $5.6 billion, while revenue from delivery services increased by four percent to $3.2 billion.

During the quarter, the number of active users on the platform increased by 15 percent and the number of trips taken by 21 percent. Despite this growth, Uber reported a net loss of $654 million, which was three times higher than the previous year due to reduced investments in non-listed stocks. However, adjusted basic profit saw an increase of 82 percent to $1.38 billion.

The gross value of reservations also saw a significant increase of 20 percent to $37.7 billion. The company attributed the positive results in the transportation business to an increase in trips to airports and offices, while in the service business, new customers and faster delivery times played a key role in driving growth.

Looking ahead to the second quarter, Uber expects the value of reservations to be between $38.75 and $40.25 billion. CEO Dara Khosrowshahi expressed optimism about the company’s performance and highlighted the strategies that drove growth in both the transportation and service divisions.