Uber recovers after the stoppage due to the pandemic | Economy

A man prepares to use the Uber application on his mobile phone, in 2015 in Mexico.
A man prepares to use the Uber application on his mobile phone, in 2015 in Mexico.Susana Gonzalez (Bloomberg)

Uber has published this Wednesday the results of the last quarter of 2021 and those of the year as a whole, defined by the recovery both in revenue and in the number of users after a period of recession due to the pandemic. The gradual return to normality has meant revenues of 5,800 million dollars for the shared transport platform in the last three months of 2021, an increase of 83% compared to the same period of the previous year (in the second quarter, the increase was 105% year-on-year). In the year as a whole, it significantly increased its income, going from 11,139 million billed in 2020 to 17,455.

Of all Uber’s business areas, the one that grew the most was passenger transport. Trips during the quarter grew 23% year-on-year to 1.77 billion, roughly 19 million trips per day on average, almost catching up with the food delivery division, UberEats, which was the company’s lifeline during the worst months of the pandemic. In the whole year, journeys rose 27% compared to 2020.

The latest balance of results exceeds the most optimistic forecasts of analysts, also in relation to net losses, which were 496 million dollars in 2021 as a whole, well below the negative balance of 6,768 million dollars registered during the previous year, the first of the pandemic. The firm’s shares rose 6.99% to $42.88 a share in after-hours trading. Shareholders lost 26 cents a share last year, down from negative 3.8 cents a year earlier. Uber went public in 2019.

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“Our results demonstrate how far we have come since the start of the pandemic. Although the omicron variant had an impact on our operations in late December, mobility is already starting to pick up,” Uber CEO Dara Khosrowshahi said in a statement.

The international company, whose operations were also hampered by a lack of drivers, posted its second profitable quarter thanks to net income of 892 million dollars, due in large part to its investments in Grab, the passenger transportation company of the Southeast Asia, and Aurora, a start up of autonomous vehicles.

Uber lost 968 million during the same period of the previous year and reported a loss of 2.4 billion in the third quarter of 2021 as a result of its investment in Didi, the Chinese ride-sharing company.

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Its investments in other ride-sharing companies will likely continue to cause fluctuations in its bottom line, Uber said in a statement. Khosrowshahi said in December that the company would keep some of its strategic investments, but could eventually divest itself of its Didi stake.

Around the world, there are 118 million people who connect to the platform at least once a month. They are the so-called “active users of the platform”, and their volume grew 8% in the last three months of 2021, 27% year-on-year.

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George Holan

George Holan is chief editor at Plainsmen Post and has articles published in many notable publications in the last decade.

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