Here are analysts’ expectations for Q1, compared to how the company performed in the same quarter a year ago.
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Gross bookings: $15.27 billion expected versus $14.65 billion in Q1 2019.
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Rides gross bookings: $10.68 billion expected versus $11.45 billion in Q1 2019.
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Eats gross bookings: $4.32 billion expected versus $3.07 billion in Q1 2019
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Losses per share: $0.99 expected versus $2.26 in Q1 2019.
In April, Uber pulled its full year guidance citing the pandemic’s impact on the business.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Uber's earnings announcement follows news that it will cut roughly 14% of its workforce, or 3,700 jobs, primarily in its customer support and recruiting divisions. Uber’s chief rival, Lyft (LYFT), also announced it was cutting its workforce roughly 17%, or 982 jobs, and furloughing another 288 employees.” data-reactid=”31″>Uber’s earnings announcement follows news that it will cut roughly 14% of its workforce, or 3,700 jobs, primarily in its customer support and recruiting divisions. Uber’s chief rival, Lyft (LYFT), also announced it was cutting its workforce roughly 17%, or 982 jobs, and furloughing another 288 employees.
Unlike Lyft, Uber has its Eats platform to fall back on, as ride-share customers have dropped amid lockdowns. Drivers unable to make enough money with ride-sharing alone have increasingly turned toward the Eats arm to make up for losses in earnings — which may also help the company, as house-bound consumers order takeout meals.
Uber’s Q1 results only offer a small look at the full impact of the pandemic on the company, though. With lockdowns in the U.S. only going into effect in March, the firm’s Q2 report will provide a fuller understanding of how badly the business has been clobbered by a loss of ridership.
“Uber and Lyft will likely face their peak ride share challenges in [the second quarter], though we expect Uber to be hit harder initially due to its international exposure,” Wedbush analyst Dan Ives wrote in a research note.
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