Uber logo

Uber has announced the financials for 2021’s last quarter, along with aggregate figures for the year 2021, and the picture looks much better. The company seems to have done fairly well, considering the overall business environment due to COVID pandemic. It saw $25.9 Billion in gross spending across all of its platforms, up 51% year-over-year or 50% on a constant currency basis.

Of that total bookings number, mobility gross bookings stood at $11.3 billion (+67% YoY) and delivery gross bookings of $13.4 billion (+34% YoY), clearly highlighting that its delivery business has now outpaced the original ride-hailing business. Trips during the quarter grew 23% YoY to 1.77 billion, or approximately 19 million trips per day on average.

Revenue grew 83% YoY to $5.8 billion, or 82% on a constant currency basis, with net income of $892 million, including a $1.4 billion net benefit relating to Uber’s equity investments. This also includes Uber Eats’ India unit sale to Zomato.

Uber also reported earnings per share of $0.44, which is higher than what analysts had expected — per-share loss of $0.35 against revenues of $5.34 billion, according to estimates shared by Yahoo Finance. However, this does include numbers coming in from its non-operational revenues, such as equity investments.

“Our results demonstrate just how far we’ve come since the beginning of the pandemic,” said Dara Khosrowshahi, CEO. “In Q4, more consumers were active on our platform than ever before, Delivery reached Adjusted EBITDA profitability, and Mobility Gross Bookings approached pre-pandemic levels. While the Omicron variant began to impact our business in late December, Mobility is already starting to bounce back, with Gross Bookings up 25% month-on-month in the most recent week”, Khosrowshahi added.

For Q1 2022, the company is expecting $25-$26 billion in gross bookings, which while may not be any increase from previous quarter, still does show stabilising effect on the overall business. Uber’s shares were up by nearly 6% in the after-hours trading post earnings report.