The following is a summary of the Uber Technologies, Inc. (UBER) Q1 2024 Earnings Call Transcript:
Financial Performance:
Uber reported a growth of 21% YoY in trips, reflected similarly in gross bookings growth for Q1 2024.
The company recorded an adjusted EBITDA of $1.4 billion, representing an 82% YoY increase.
Uber generated a free cash flow of $4.2 billion in the trailing 12 months.
The company projects over 20% YoY growth on a constant currency basis for Q2 2024.
Uber's new products contributed to over 20% of its new customer base, reflecting an 80% YoY growth.
Delivery EBITDA margins were increased by around 20% sequentially despite robust business growth.
Uber reached a $900 million run rate for advertising in Q4 of 2023.
Business Progress:
Uber experienced the best week in terms of gross bookings signalling strong demand for the service.
Driver and courier numbers on the platform have increased to 7.1 million, reflecting successful expansion initiatives.
Uber One membership fees hit revenue run rate of over $1 billion, indicating high uptake and spending by members.
The company is strategically focusing on delivery for suburban markets where it usually records higher growth rates.
A 12% YoY increase in active merchants was recorded, offering wider selection and quality to consumers, thereby increasing retention and frequency.
15% growth in monthly actives on Eats through the Grocery division has opened up potential for high-margin advertising partnerships with top CPG brands.
Despite looming regulations in key markets like Seattle and New York, Uber remains confident of maintaining profitability.
More details: Uber Technologies IR
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.