San Francisco: Uber reported on Wednesday that it narrowed its quarterly losses by selling its self-driving technology division and said the ride-sharing business hit by the pandemic is beginning to recover.
The San Francisco-based company said its net loss in the most recent quarter fell to $108 million due to the sale of its autonomous driving unit for $1.6 billion. A year ago, Uber’s losses reached a staggering $2.9 billion.
Driven by the strong growth of Uber Eats’ distribution division, the company’s total bookings increased by 24% to $19.5 billion.
The revenue report shows that the total bookings of the mobile sector, including smartphone call cars, were US$6.8 billion, a decrease of about 38% from the same period last year.
Chief Financial Officer Nelson Chai said that Uber’s overall bookings exceeded expectations, and passenger numbers improved during the quarter.
“Uber is starting to fire on all cylinders, as more consumers are riding with us again while continuing to use our expanding delivery offerings,” Uber chief executive Dara Khosrowshahi said in the earnings release.
Uber shares dove more than 4 percent in after-market trades that followed release of the earnings figures.
“As we move out of the depths of the pandemic, Uber’s business is on a clear path to recovery,” said eMarketer analyst Eric Haggstrom.
“However, as countries emerge from lockdowns, consumer demand as well as driver supply are major for their delivery businesses.”