Uber Narrows Q1 Losses Thanks to Sale of Autonomous Driving Unit

By Paul Riegler on 7 May 2021
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A ride in an Uber

Uber Technologies announced financial results for the first quarter of 2021.

The ride-hailing service posted a net loss of $108 million, a significant improvement from the prior quarter when the loss was $968 million.  The company said that it benefitted from the sale of its autonomous driving unit, ATG, which generated a $1.6 billion gain.

Without the extraordinary item, Uber’s operating loss was $1.6 billion for the period.

Revenue for the quarter was $3.5 billion, a 1% quarter-over-quarter and 8% year-over-year increase.  Net revenue was $2.9 billion allowing for a one-time charge for the reclassification of drivers in the United Kingdom.

Gross bookings were up 24% year over year.

“Uber is starting to fire on all cylinders, as more consumers are riding with us again while continuing to use our expanding delivery offerings,” said the company’s Dara Khosrowshahi.

(Photo: Accura Media Group)

Accura News

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