Uber delivers first adjusted profit but Didi stake hits earnings

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{"text":[[{"start":13.18,"text":"Uber delivered investors its first profitable quarter on an adjusted basis, thanks to a rapidly recovering rideshare business and the popularity of food delivery. "}],[{"start":24.16,"text":"However, volatile activity in Uber’s investment portfolio caused it to swing to a $2.4bn net loss, based on formal accounting principles, thanks to a $3.2bn negative revaluation of its stake in China’s Didi Chuxing. "}],[{"start":41.879999999999995,"text":"Uber’s preferred “adjusted ebitda” metric of the company’s underlying health excludes multiple costs including interest, taxes, depreciation and amortisation, as well as stock-based compensation. "}],[{"start":56.48,"text":"On that basis, it eked out a $8m profit in this year’s third quarter, up $625m on the same period last year. "}],[{"start":67.41,"text":"Wall Street had been told to expect the ebitda milestone, and on Thursday Uber reiterated its confidence in sustaining that level, predicting adjusted ebitda profits of $25m to $75m in the final quarter of the year. "}],[{"start":84.75,"text":"That outlook fell below the $110m target analysts had expected, according to S&P Capital IQ, and Uber shares fell marginally in after-hours trading. "}],[{"start":97.52,"text":"“While we recognise it’s just a step, reaching total-company adjusted ebitda profitability is an important milestone for Uber,” added Nelson Chai, chief financial officer. "}],[{"start":110.8,"text":"Using the same metric, Uber said its restaurant delivery business was for the first time turning a profit, while its border delivery segment, which includes groceries, was nearing break-even by the same measure. "}],[{"start":124.16,"text":"Uber managed to surpass analysts’ expectations in all three of its business units — rideshare, delivery and freight — to post overall revenue of $4.85bn for the quarter. "}],[{"start":137.6,"text":"That was up 72 per cent on the same period last year, and better than the $4.41bn analysts had expected, according to S&P Capital IQ. "}],[{"start":149.82,"text":"Gross bookings — the total value of all transactions, including delivery — were at an all-time high, the company said, at $23.1bn. "},{"start":160.412,"text":"The trend suggested the opening up of societies was not leading to a drop in delivery demand. "}],[{"start":166.56,"text":"Dara Khosrowshahi, chief executive, said the company had seen driver supply “steadily returning” thanks to “decisive investments” in getting workers back on the platform during a period of nationwide labour shortages. "}],[{"start":180.6,"text":"The company said in the US demand recovery was, for the first time this year, now in-step with supply recovery — with 65 per cent more drivers working for Uber than in January. "}],[{"start":193.32999999999998,"text":"As a result, surge pricing had approached “2019 normalcy”. "}],[{"start":198.69,"text":"Uber also reported a significant recovery in trips to and from airports, growing 20 per cent from the beginning of September. "},{"start":206.694,"text":"Business trips on the platform were up 60 per cent. "}],[{"start":210.13,"text":""}]],"url":"https://creatives.ftacademy.cn/album/52688-1636068980.mp3"}

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Uber delivers first adjusted profit but Didi stake hits earnings

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