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Friday, June 18, 2021

Update COVID-19 06 January 2021

06 January 2021 — One hundred and three (103) new COVID-19 cases were identified out of 4829 samples tested today. This brings the cumulative number of confirmed cases nine thousand, and fifty-eight (9058). To date, six thousand, nine hundred, and forty (6940) patients have recovered, including sixty-two (62) in the past 24 hours. The number…
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    How did investors vet Uber’s performance? The company’s stock is off around 4% in after-hours trading.

    Surprised by the revenue miss? Shocked by the profit beat? Startled by the sharp drop in the value of Uber’s stock? Let’s unpack the numbers.

    Uber’s quarter

    A number of things impacted Uber’s quarter. The first, of course, was COVID-19. The pandemic shows up in a host of ways across Uber’s results, but most critically it continued to negatively impact Uber’s ride business and positively impact its delivery business.

    Turning to numbers, here’s the company’s gross bookings data, which includes both segments:

    Image Credits: Uber

    A few things to note. First, Uber’s total platform spend went up in aggregate on a year-over-year basis. That’s good. And as we look at the year-over-year changes, that delivery’s growth compared to the year-ago period was nearly legendary. (Postmates is in there, so take that into account.) The ride-hailing business’s decline feels somewhat modest in comparison. And we’d note that Uber’s freight efforts are very nearly material.

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