Summary by Moomoo AI
Uber Technologies reported a robust financial performance for the first quarter of 2024, with significant year-over-year growth. Revenue increased by 15% to $10.1 billion, driven by a 20% rise in Gross Bookings, which reached $37.7 billion. The company's Mobility Gross Bookings grew by 26%, primarily due to higher Trip volumes, while Delivery Gross Bookings saw a 17% increase. However, Freight Gross Bookings declined by 9% due to a challenging market. Net loss widened to $654 million, including a substantial unrealized loss on investments. Adjusted EBITDA soared by 82% to $1.4 billion, reflecting improved profitability in both Mobility and Delivery segments. Uber ended the quarter with $5.8 billion in unrestricted cash and equivalents. In terms of business development, Uber divested its JUMP business to Lime in 2020 and acquired a minority...Show More