Uber Q4 2020 results

Shares of transport and delivery company Uber fell more than 3% after the bell on Wednesday as the company posted mixed results in the fourth quarter.

Here’s how Uber did against expectations:

• Loss: 54 cents per share, against 56 cents expected, according to a consensus of analysts polled by Refinitiv.
• Returned: $ 3.17 billion versus $ 3.58 billion expected by Refinitiv.

Overall, Uber lost $ 968 million on a GAAP basis in the quarter, an improvement from a year ago when losses were $ 1.1 billion. For 2020 as a whole, Uber’s net losses amounted to $ 6.77 billion, an improvement of about 20% from a staggering loss of $ 8.51 billion in 2019.

Here’s how Uber’s largest business segments fared in Q4 2020:

• Mobility (gross reservations): $ 6.79 billion, down 50% from a year ago.
• Delivery (gross reservations): $ 10.05 billion, up 130% from a year ago.

Earlier this month, the company announced plans to acquire the on-demand alcohol delivery app Drizly, which it plans to integrate with Uber Eats, its food delivery service. According to a statement from Uber, the transaction was valued at $ 1.1 billion in combined stock and cash. (The companies have not broken down the portion of the transaction made in shares versus cash.)

In its update to shareholders on Wednesday, the company said restaurants on Uber Eats exceeded 600,000 in the fourth quarter, with the addition of locations from Union Square Hospitality Group, UK Chipotle locations, Wings etc. . and many others.

Uber deliveries include more than hot restaurant meals. The company is ramping up deliveries of non-food items after acquiring Cornershop in Mexico for groceries, and after partnering with retailers as far away as H&M in Canada and Seiyu grocery and department stores in Japan.

According to an Edison Trends study evaluating transaction data from July 1, 2019 to October 13, 2020, Uber Eats food deliveries account for about 35% of the overall market in the United States after the company acquired Postmates. Uber Eats lags behind DoorDash, but is more popular than previous food delivery leader Grubhub and emerging players like ChowNow and Slice.

Last quarter, Uber CEO Dara Khosrowshahi spoke about the company’s membership and advertising activities, and said that in some U.S. cities, Uber was seeing glimmers of recovery from the pandemic.

At the time, Uber Pass and Uber Eats Pass had accumulated more than a million paying members. Today, the company has more than 5 million members, according to the company’s fourth quarter investors.

Uber executives are expected to brief shareholders on Wednesday on the extent to which the pandemic is expected to limit the company’s mobility and ridesharing activities around the world, and the expected impact of its new and newly acquired offerings on Uber’s results and outlook. The company is scheduled to launch its conference call at 4:30 p.m. ET.

This is a developing story … Please check back for updates.