Image Source: Unsplash
 

• Gross bookings experienced a robust growth of 22% year-over-year to $37.6 billion.
• Combined mobility and delivery revenue surged by 22% year-over-year to $8.7 billion.
• Adjusted EBITDA margin of 3.4%, up from 2.2% in Q4 2022.

Uber Technologies, Inc. (NYSE: UBER) has reported its financial results for the quarter and full year ending December 31, 2023, marking a significant milestone in its growth trajectory.
 

Uber’s milestone year

Dara Khosrowshahi, CEO of Uber, expressed his satisfaction with the company’s performance, stating,

 

“2023 was an inflection point for Uber, proving that we can continue to generate strong, profitable growth at scale.” 

He highlighted the increased audience engagement, with the platform facilitating an average of nearly 26 million daily trips in the past year.

Record engagement and growth

Prashanth Mahendra-Rajah, CFO of Uber, emphasized the platform’s advantages and strategic investments, resulting in record engagement and accelerating Gross Bookings in the fourth quarter. Mahendra-Rajah also hinted at the company’s forthcoming Investor Update, where further insights into strategy and capital allocation plans will be shared.
 

Financial highlights for Q4 2023

Gross bookings: Experienced a robust growth of 22% year-over-year to $37.6 billion. Mobility Gross Bookings stood at $19.3 billion, marking a 29% increase year-over-year, while Delivery Gross Bookings reached $17.0 billion, indicating a 19% year-over-year growth.

Revenue: Grew by 15% year-over-year to $9.9 billion. Combined Mobility and Delivery revenue surged by 22% year-over-year to $8.7 billion.

Income from Operations: Witnessed a significant increase to $652 million, marking an impressive year-over-year growth of $794 million.

Net Income: Attributable to Uber Technologies, Inc., amounted to $1.4 billion, which included a $1.0 billion net tailwind primarily due to net unrealized gains related to the revaluation of Uber’s equity investments.

Adjusted EBITDA: Reached $1.3 billion, up $618 million year-over-year, with an Adjusted EBITDA margin of 3.4%, up from 2.2% in Q4 2022.
Cash Flow: Net cash provided by operating activities was $823 million, with free cash flow reaching $768 million.

Cash position: Uber maintained a strong financial position, with unrestricted cash, cash equivalents, and short-term investments totaling $5.4 billion at the end of the fourth quarter.

Uber’s robust financial performance underscores its resilience and strategic prowess in navigating challenges while capitalizing on growth opportunities. The company’s continued focus on innovation, operational efficiency, and customer-centric approach positions it well for sustained success in the evolving mobility and delivery landscape.

More By This Author: