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Uber cut its losses in Q1 2021 because it sold its ATG self-driving car unit to Aurora
View PhotosUber’s delivery business has increased significantly
Uber has reported its Q1 2021 earnings and its losses have dramatically reduced. From losing $968 million in the fourth quarter of 2020, it just lost $108 million in the first quarter of 2021. However, its earnings were boosted by a $1.6 billion sale of its self-driving car unit called ATG which was sold to Aurora. Regardless, Uber beat estimates by analysts. Overall, it reported $19.54 billion while it was expected to report $18.07 billion. However, this also means Uber’s operating loss was still quite high at $1.5 billion. Its adjusted EBITA loss was $359 million which is an improvement of $95 million from the previous quarter.
Uber sold its ATG Self-Driving Unit To Aurora
“For the remainder of the year, I would remind you that delivery gross bookings year-over-year comparisons will become tougher as we continue to face significant forecasting uncertainty in predicting post-reopening consumer behaviour,” CFO Nelson Chai said on a call with investors.
Uber’s mobility gross bookings segment had revenues of $6.77 billion which was 38 per cent down from a year ago. Its delivery (gross bookings) business on the other hand is doing really well with revenues of $12.46 billion up 166 per cent from a year ago.
Dara Khosrowshahi has been Uber’s CEO since 2017
“Uber is starting to fire on all cylinders, as more consumers are riding with us again while continuing to use our expanding delivery offerings,” CEO Dara Khosrowshahi said in a statement.
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“We will continue to innovate and find new ways to deepen engagement with our customers, as the only global platform that helps you go wherever you need and get whatever you want,” he added.
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