Uber earnings in the fourth quarter of 2020

Shares in the Uber delivery and ride-hailing company fell more than 3% after Wednesday’s bell, with the company posting mixed earnings results in the fourth quarter.

Here’s how Uber fared from expectations:

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

Overall, Uber lost $ 968 million on a GAAP basis during the quarter, an improvement over the previous year, when losses reached $ 1.1 billion. Throughout 2020, Uber’s net losses totaled $ 6.77 billion, around a 20% improvement from an impressive $ 8.51 billion loss in 2019.

See how Uber’s biggest business segments fared in the fourth quarter of 2020:

• Mobility (gross reserves): US $ 6.79 billion, 50% below the previous year.
• Delivery (gross reserves): $ 10.05 billion, an increase of 130% over the previous year.

Earlier this month, the company announced its plans to acquire the on-demand alcohol delivery app Drizly, which the company plans to integrate with Uber Eats, its food delivery service. According to an Uber statement, the deal was valued at $ 1.1 billion in shares and cash combined. (The companies did not split the part of the deal done into shares versus cash.)

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

Uber deliveries also include more than hot meals at restaurants. The company is escalating its non-food deliveries after acquiring Cornershop in Mexico for groceries and after partnering with retailers like H&M in Canada and Seiyu supermarkets and department stores in Japan.

According to the Edison Trends survey evaluating transaction data from July 1, 2019 to October 13, 2020, Uber Eats food deliveries represent about 35% of the overall U.S. market after the company acquired Postmates. Uber Eats is late at 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 business, and said that in some U.S. cities, Uber was seeing signs of recovery from the pandemic.

Uber Pass and Uber Eats Pass had, at that time, accumulated more than 1 million paying members. The company now has more than 5 million members, according to the company’s fourth quarter note to investors.

On Wednesday, Uber executives are expected to update shareholders on how much the pandemic should restrict company mobility and business worldwide, and how their newest and acquired offerings should impact Uber’s bottom line and prospects. . The company is scheduled to start its conference call at 4:30 ET.

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