Uber is coming back from the pandemic faster than Lyft

Uber had a successful first quarter of 2022 by some measure, as it more than doubled Its revenue year-over-year amounted to $6.85 billion. The increased demand for rides after the Omicron spike played some role, as did higher ride prices due to a lack of drivers.

The company reported that passengers made 1.71 billion trips last quarter, up 18% from the first three months of 2021. Total ride bookings (the total amount Uber receives from customers) for rides Go increase up 58% year-on-year to $10.7 billion. Total delivery bookings increased 12% to $13.9 billion. Uber’s revenue from rides is $2.52 billion. From deliveries, it made $2.51 billion in revenue.

However, Uber’s net loss increased from $108 million in the first quarter of 2021 to $5.93 billion in the previous quarter. That is largely due to its equity investments in DidiGrab Holdings and Aurora Innovation. However, Uber believes cash flow will be positive on a full-year basis in 2022.

Growth is expected to continue this quarter. Uber claims the value of rides booked in April has surpassed 2019 levels. The company also noted that rider wait times and rides spiked at best in a single year.

Uber says many drivers have chosen to switch to Eats food delivery. CEO Dara Khosrowshahi said the company wouldn’t have to make “significant incremental incentive investments” to keep drivers on the platform and convince new and unsuccessful drivers to get behind the wheel. . The same cannot be said for rival Lyft.

That company expects it will need to spend more to entice drivers to return or join its platform. Lyft President John Zimmer says it will take longer than expected for its control base to return to pre-pandemic levels Reuters. Uber has an edge over Lyft in this regard, as its drivers can choose to deliver food and other items instead of carrying passengers around. However, Lyft did not provide further details on how much it will spend on driver incentives.

Lyft revenue of $875.6 million in the first quarter, up 44% year-over-year. The company posted a net loss of $196.9 million, down significantly from the $427.3 million net loss it posted a year earlier. Its active passenger count grew to 17.8 million from 13.5 million in Q1 2021.

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