Uber on Wednesday published better-than-expected fourth quarter financial results, showing both year-over-year and sequential growth, in spite of the recent Covid-19 surge. The mobility business, in fact, had more consumers active on its platform in Q4 than ever before.

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The company reported diluted earnings per share of 44 cents. Revenue in Q4 grew 83% year-over-year to $5.8 billion. 

Analysts were expecting a net loss of 35 cents per share on revenue of $5.34 billion.

Trips during the quarter grew to 1.77 billion, or approximately 19 million trips per day on average. That's up 23% over the year prior and up 8% sequentially. The company reported sequential growth in both Mobility and Delivery trips.

Monthly Active Platform Consumers (MAPCs) reached 118 million, up 8% sequentially and up 27% year-over-year.

Uber

"Our results demonstrate just how far we've come since the beginning of the pandemic," CEO Dara Khosrowshahi said in a statement. "In Q4, more consumers were active on our platform than ever before, Delivery reached Adjusted EBITDA profitability, and Mobility Gross Bookings approached pre-pandemic levels. While the Omicron variant began to impact our business in late December, Mobility is already starting to bounce back, with Gross Bookings up 25% month-on-month in the most recent week."

Gross Bookings for the quarter were $25.9 billion, up 51% year-over-year. 

Mobility Gross Bookings in Q4 were $11.3 billion, up 67% year-over-year and up 15% quarter-over-quarter ("QoQ"). The segment saw sequential growth in all geographic regions with APAC outpacing segment trends.  

Delivery Gross Bookings in Q4 were $13.4 billion, up 34% year-over-year and up 5% sequentially. Strong sequential growth in the US, Canada, and EMEA offset declines in APAC.

Freight Gross Bookings in Q4 reached $1.08 billion, up from just $313 million a year ago. That's a jump of 245% year-over-year. Fourth quarter Freight Gross Bookings includes contributions from the $2.2 billion acquisition of Transplace, which closed on November 12, 2021. Excluding Transplace, the organic Freight business revenue grew 27% to $396 million.

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