It’s tempting to assume that the ride-hailing model is going the way of moribund businesses, especially in the wake of Lyft’s well-publicized layoffs and executive turnover. But Uber’s earnings results for the first quarter partially dispel those concerns.
Uber not only beat analysts’ expectations across the board, it also demonstrated that its financial footing is growing firmer: its multi-part business model is going well now that its food delivery business, which supported its ride-hailing efforts during the pandemic, is handing the growth baton back to the company’s original enterprise.
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In the first quarter, Uber’s revenue of $8.82 billion topped analysts’ expectations by about $100 million, which is significant. The company’s GAAP loss was also narrower than expected ($0.08 in per-share loss compared to the average analyst estimate of a $0.09 per share loss), while its adjusted profits came in better than the street reckoned ($761 million in adjusted EBITDA compared to the estimate of $678.6 million). Shares of the company spiked following the announcement, and are …