- Uber Technologies has increased its revenues by 83 percent, to close to US$30 billion.
- However, the global complications of the economy deteriorated its assets, especially in Asia.
- Uber lost $9.14 billion last year.
The U.S. mobility service provider Uber lost 9.14 billion dollars during the past year, something that means a considerable increase in the loss if the 2021 figure (496 million dollars) is taken into consideration.
The reason? The devaluation of assets, in a year in which it has boosted its turnover by returning to business after the pandemic.
As reported this week by the San Francisco-based multinational, its revenues increased during 2022 by 83 percent, to 30 billion dollars (29.7 billion euros), surpassing experts’ forecasts and increasing by 8 percent its share price on the Wall Street Stock Exchange, in electronic trading prior to its opening.
The company’s balance sheets reveal a negative impact of 7 billion dollars that is related to Uber’s cash injections, specifically as a result of accumulated unrealized write-downs on its shares in firms such as Aurora, Grab and Didi. The latter two are some important companies in the sector on the Asian continent.
Uber’s business
Uber had a net profit of 596 million during the last three months of 2022, information that the markets are keeping an eye on.
This is a 34 percent drop from the same period last year, with much of that profit tied to investments in other firms.
Dara Khosrowshahi, CEO of Uber, pointed out through a statement that they have closed the last year with their best period since the company’s inception, with demand on the rise and record profits.
The U.S. multinational’s turnover has risen by almost 50 percent in the last three months, exceeding 8.6 billion. That big increase is largely linked to the rise in rides, as Uber’s mobility unit is up 83 percent year-on-year in the October-December period, to $4.135 billion.
That billable figure has surpassed that of the delivery unit ($2.93 billion), which saw strong growth in the pandemic and was able to sustain the company as the quarantine reduced rides to minimal levels.
How UberTech fared by continent
By continent, Uber’s revenue grew across the board, though especially within Europe, the Middle East and Africa, where the increase exceeded 109 percent to $2.093 billion.
The U.S. and Canada continued to be the mainstays of the company’s business, with revenue of $4,975 million (up 39 percent), and in Latin America revenue was $548 million, up 30 percent.
As opposed to other companies in the industry, which are in the midst of adjusting their workforces after their enormous growth in the pandemic, Uber was very much affected by the confinements and restrictions and had cut expenses at that time, but currently has no layoffs planned, since it estimates an acceleration of its business this year.
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