Uber eats delivery
Jonathan Raa | NurPhoto via Getty Images
Uber’s stock fell slightly after the bell on Wednesday as the company posted mixed results for the fourth quarter.
Here’s how Uber responded to expectations:
- Loss: According to an analyst consensus polled by Refinitiv, 54 cents per share compared to 56 cents expected.
- Revenue: $ 3.17 billion versus $ 3.58 billion per refinitive.
Overall, Uber lost $ 968 million in the GAAP quarter, an improvement over the previous year when losses were $ 1.1 billion. For the full year 2020, Uber’s net losses were $ 6.77 billion, an improvement of around 20% from a staggering loss of $ 8.51 billion in 2019.
Here’s how Uber’s largest businesses performed in Q4 2020:
- Mobility (gross bookings): $ 6.79 billion, 50% less than a year ago.
- Delivery (gross postings): $ 10.05 billion, up 130% over the previous year.
Earlier this month, the company announced its plans to acquire the on-demand alcohol delivery app Drizly, which the company plans to integrate with Uber Eats, its grocery delivery service. The deal was valued at $ 1.1 billion in stocks and cash, according to a statement from Uber. (The corporations did not split the portion of the business that was done in stocks for cash.)
In its update to shareholders on Wednesday, the company announced that restaurants on Uber Eats exceeded 600,000 in the fourth quarter, with the addition of Union Square Hospitality Group facilities, Chipotle UK locations, Wings Etc., and many others.
Deliveries through Uber also include more than hot restaurant meals. The company is scaling its non-food shipments to H&M in Canada and Seiyu food and department stores in Japan after acquiring Cornershop in Mexico for groceries and partnering with retailers.
According to a study by Edison Trends, which analyzes transaction data from July 1, 2019 to October 13, 2020, Uber Eats’ grocery deliveries account for about 35% of the total market in the US after the acquisition of Postmates. Uber Eats lags behind DoorDash, but is more popular than former grocery delivery leader Grubhub and emerging players like ChowNow and Slice.
Last quarter, Uber CEO Dara Khosrowshahi spoke about the company’s membership and advertising businesses, saying that Uber is seeing a hint of recovery from the pandemic in select US cities.
Uber Pass and Uber Eats Pass had more than 1 million paying members at the time. The company now has more than 5 million members, according to the company’s announcement to investors in the fourth quarter.
On Wednesday, Uber executives are expected to brief shareholders on how the pandemic will constrain the company’s mobility and hail business around the world, and how the newer and newly acquired offerings are likely to affect Uber’s bottom line and prospects. The company is expected to start its conference call at 4:30 p.m. ET.
This is a developing story … please try again for updates.
Comments are closed.