Uber Misses Revenue, Burns Another $454MM Despite Continued Growth In Delivery

UBER had its work cut out for it reporting earnings one day after Lyft's blowout earnings report, and sure enough despite a modest beat on EBITDA, the company missed on gross bookings and revenue, and even though just like Lyft the company said that it remained "well on track to achieve 2021 profit goals", the stock has slumped after hours.

Here is a breakdown of the key Q4 results:

  • Gross Bookings: $17.15B, missing est. $17.36B
  • Revenue: $3.17B, missing est. $3.22B, and down 16% Y/Y
  • Net Loss: $968MN, in line with the est loss $1BN.
  • Adj EBITDA Loss: $454MM, beating the est EBITDA Loss of $509.9M
  • Monthly active users slumped 16% to 93 million, beating estimates of 89.73 million
  • Remains "well on track to achieving our profitability goals in 2021."

(Click on image to enlarge)

This is how Bloomberg summarized the quarter:

Uber Technologies Inc. narrowed its loss in the fourth quarter, riding a wave of deals that shed some of its more fanciful pursuits and added revenue-generating delivery businesses. In its quarterly results, the San Francisco-based company said it’s still on track to turn an adjusted profit some time this year.

While the core ridesharing business remains depressed due to COVID, the company's delivery business continues to grow as delivery gross bookings grew a whopping 130% year-over-year, to $10.05 billion. Uber also trumpeted other delivery growth, as restaurants on the platform increased 75% YOY in the fourth quarter and now exceed 600,000. On the other hand, mobility revenues plunged by 50% to just $6.79 billion.

(Click on image to enlarge)

Notably, while Uber saw a big drop in riders, on average they spent more than $60 a month, which was well above the $45.40 per rider reported by Lyft yesterday.

Remarkably, despite having been in operating for a decade, Uber has yet to generate cash flow once, and in just the past 4 years, the company has burned $9.8 billion in cash despite generating over $45 billion in revenue.

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