Uber Technologies, Inc. (NYSE: UBER) announced Thursday after market financial results for the fourth quarter and full year ended December 31, 2019. Stock surged more than 8% Friday.
The Company reported that gross bookings grew $4.0 billion year-over-year to $18.1 billion, representing 28% year-over-year growth, or 30% on a constant currency basis, with Rides and Eats growing 20% and 73% year-over-year, respectively, on a constant currency basis.
Revenue grew 37% year-over-year, or 39% on a constant currency basis, up from 30% in the third quarter of 2019.
Adjusted Net Revenue (“ANR”) grew 41% year-over-year, or 43% on a constant currency basis, despite seasonal impacts on both Rides and Eats ANR take rates. Take rates expanded over 200 bps and 300 bps year-over-year for Rides and Eats, respectively.
“Our revenue growth continued to accelerate in Q4, with adjusted net revenue up 43% year-over-year in constant currency,” said Nelson Chai, CFO. “We consistently outperformed our adjusted EBITDA targets in 2019, including in the fourth quarter. Our focus on disciplined capital allocation is part and parcel to achieving our financial goals, and the recent sale of our India Eats business further demonstrates that commitment.”
Net loss attributable to Uber Technologies, Inc. of $1.1 billion, which includes $243 million in stock-based compensation expense.
Rides Adjusted EBITDA delivered a $742 million profit and 24.3% margin as a percentage of Rides revenue, or 24.4% margin as a percentage of Rides ANR, covering our Corporate G&A and Platform R&D cost by $98 million, and achieving absolute dollar and margin improvement in every quarter of 2019.
“2019 was a transformational year for Uber and I’m gratified by our progress, steadily delivering against the commitments we’ve made to our shareholders on our path to profitability,” said Dara Khosrowshahi, CEO. “We recognize that the era of growth at all costs is over. In a world where investors increasingly demand not just growth, but profitable growth, we are well-positioned to win through continuous innovation, excellent execution, and the unrivaled scale of our global platform.”