In a crucial year wherein the company is looking to go for an IPO, Uber has come out with its latest December 2018 quarterly numbers. Starting with losses, the company’s reported a net loss of $865 million in the fourth quarter. Compared with the previous quarter, the losses are low, but that has largely been due to a tax saving, without which losses would have been around $1.2 Billion. Regardless, on paper losses have slimmed up.
On an adjusted, pro-forma basis, the company reported a net loss of $768 Million, which is an improved performance compared to the previous quarter. Uber had reported a pro-forma net loss of $939 million in the preceding, third quarter of 2018. Uber’s adjusted EBIDTA losses stood at $842 million, which represents a 88 percent increase Y-o-Y and a 60 percent increase Q-o-Q. In the preceding quarter, Uber’s adjusted EBIDTA losses came in at $527 million.
Revenues continued to grow though, with the company touching $3 Billion in the final quarter of 2018. This accounts to a 2 percent increase when compared with previous quarter. The gains, though slender, are crucial considering that the company is looking to go for an IPO this year. Gross bookings also went up by 11 percent to $14.2 Billion. This is the amount that the company gets upfront, before paying up the drivers.
Year over year, Uber’s gross bookings increased 37 percent and revenue increased 24 percent.
On an year over year basis, gross bookings increased by as much as 45 percent to touch $50 Billion in 2018. The impact showed in GAAP revenue, which increased by 43 percent, from 2017 to $11.3 billion. Losses did decline by close to $400 Million in adjusted EBITDA. They were $2.2 Billion in 2017 and stand at $1.8 Billion in 2018. Again, slim improvement, but signs are overall good considering the crucial IPO year.
Uber CFO Nelson Chai said in a statement. “In 2018, our ridesharing business maintained category leadership in all regions we serve, Uber Freight gained exciting traction in the US, JUMP e-bikes and e-scooters are on the road in over a dozen cities, and we believe Uber Eats became the largest online food delivery business outside of China, based on gross bookings.”
Worrying signs come in largely from adjusted EBIDTA margins. While margins stood at -4.1% of gross bookings in Q3 2018, they increased to -5.9% in the final 2018 quarter.