Information on earnings for the first quarter of 2022

Dara Khosrowshahi, CEO of Uber, speaks at a product launch event in San Francisco, California on September 26, 2019.

Filippo Pacheco | AFP via Getty Images

Above Wednesday saw an increase in revenue during the first quarter as the rideshare company said it was recovering from pandemic lows and shouldn’t have made “significant” investments to keep drivers on the platform.

He also reported a massive loss due to his investments. Shares of Uber were up about 1% in pre-market trading.

Here are the key numbers:

  • Loss per share: $ 3.04 (GAAP), not comparable to analyst estimates
  • Income: $ 6.85 billion versus an estimated $ 6.13 billion, according to a Refinitiv survey of analysts.

For the second quarter, Uber expects gross bookings of between $ 28.5 billion and $ 29.5 billion. In addition, it expects adjusted EBITDA, or earnings before interest, taxes, depreciation and write-downs, of between $ 240 million and $ 270 million.

The company posted a net loss of $ 5.9 billion for the first quarter, which it said was primarily due to its equity investments.

Its Adjusted EBITDA was $ 168 million. That’s a $ 527 million increase from the same quarter a year ago.

Uber’s revenue increased 136% year-over-year to $ 6.9 billion.

Here’s how Uber’s major business segments performed in the first quarter of 2022:

  • Mobility (large bookings): $ 10.7 billion, up 58% year-over-year
  • Delivery (large bookings): $ 13.9 billion, up 12% year-over-year

Uber was reliable in its delivery business, which includes Uber Eats, during the pandemic. However, mobility revenues have finally outpaced delivery revenues. Its mobility segment recorded sales of $ 2.52 billion, compared to $ 2.51 billion in deliveries. Revenue eliminates additional taxes, tolls, and commissions from gross bookings.

CEO Dara Khosrowshahi said in a statement that gross mobility bookings surpassed 2019 levels in all regions and use cases in April.

Uber recorded 1.71 billion trips on the platform during the quarter, an 18% increase from the same quarter a year ago. The platform’s monthly active consumers reached 115 million, up 17% year-over-year. Drivers and couriers earned a total of $ 9 billion in the quarter, which is slightly lower than the fourth quarter.

Uber said its driver base is at its highest post-pandemic. The company expects this to continue without “significant incremental incentive investments,” Khosrowshahi said in prepared remarks.

Rideshare companies have struggled with supply and demand since the Covid-19 pandemic drove drivers astray. Companies, including Uber, have had to rely heavily on incentives for drivers to report drivers, which dented its financials.

It appeared to have stabilized in recent months, but the war in Ukraine caused significant increases in fuel prices. Analysts feared that companies would have to pay millions to keep drivers around. Uber is likely to add more color to driver incentives during its 8:00 ET earnings call.

driving incentives, along with a light guide, plunged rival Lyft’s shares into extended trading on Tuesday. Lyft said during his phone call with the analyst that he will invest more in motorist subsidies in the next quarter, although he believes this will help “pay off in a healthier market.”

Read the Uber earnings release here.

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