Uber’s revenue grew 70% in the first quarter
Ride-hailing giant Uber has continued to consolidate under its new boss, Dara Khosrowshahi. The company, which is slated to go public next year, generated revenue of $2.6 billion in the first quarter, marking an impressive 70% rise YoY (year-over-year) and a 7.5% sequential rise. The company’s gross bookings—the number of rides given—grew 54.7% YoY to $11.3 billion in the first quarter. Uber saw a net profit of $2.5 billion in the quarter, which was mainly due to merging its businesses in Russia and Southeast Asia.
Uber pares losses in Q1 and continues to expand UberEats
Excluding those gains, the company posted a loss of ~$550 million, smaller than the losses it has posted in the last few quarters. In 2017, the company generated an impressive $7 billion in revenue, but lost over $4.5 billion.
The ride-hailing company has cut down on its spending on customer discounts and driver incentives, which was leading to massive losses for the company.
Uber has rapidly expanded its online food delivery business, UberEats. Not only is it giving GrubHub (GRUB) a run for its money, it’s now present in several markets, including India, Latin America, and the Middle East.