Uber Freight Reports Widening EBITDA Loss Compared to Last Year, But Shows Improvement from Q1
🚛 Uber Freight Reports Widening EBITDA Loss Compared to Last Year, But Shows Improvement from Q1.
Uber Freight reported a significant decline in its second-quarter earnings before interest, taxes, depreciation, and amortization (EBITDA) compared to a year ago but showed improvement sequentially. Despite the addition of Transplace, the company has experienced three consecutive quarters of negative EBITDA following three quarters of barely positive EBITDA. Second-quarter EBITDA was negative $14 million, down from positive $5 million in the corresponding quarter last year, but it improved from the negative $23 million in the first quarter. Uber Freight's revenue has steadily declined, with figures including Transplace results since the beginning of 2022. CEO Dara Khosrowshahi acknowledged the challenges of the soft market and highlighted rigorous cost management, operational enhancements in Mexico, and the company's long-term growth prospects. However, there was no discussion of Uber Freight on the conference call with analysts.
Uber is bidding farewell to its alcohol delivery app, Drizly, which it acquired for a substantial $1.1 billion investment three years ago.