Uber Will Offer More Perks to Uber One Members as It Surpasses $1 Billion Run-rate

Uber is expanding its offerings for Uber One members, aiming to enhance its subscription revenue with more exclusive perks and events.

More Perks for Uber One Members

During Uber's first-quarter earnings call, Uber's CFO, Prashanth Mahendra-Rajah, announced plans to introduce additional benefits for Uber One members, including exclusive events and experiences. These offerings are designed to surprise and delight members, enhancing the overall value of the subscription service.

Uber CEO Dara Khosrowshahi highlighted Uber One's financial success, revealing that membership fees have surpassed a $1 billion run rate.

This metric reflects Uber's estimated annual revenue based on current subscription earnings, demonstrating the substantial growth of its subscription service since its launch in November 2021.

Uber One, priced at $9.99 per month or $99.99 annually, provides various benefits, such as waived delivery fees for eligible food and groceries, discounts on select deliveries and pick-up orders, preferred pricing on certain rides, and more.

The company also teased upcoming member-exclusive experiences, with some members already receiving invitations to special events like a party featuring rapper Post Malone at the Fontainebleau in Las Vegas.

Uber emphasized its robust performance in its quarterly financial report, with significant growth in key metrics. CEO Dara Khosrowshahi underscored the company's ability to achieve consistent, profitable growth, highlighting the increasing number of individuals who earn flexibly on Uber's platform.

Prashanth Mahendra-Rajah, Uber's CFO, highlighted the company's adherence to its multi-year growth framework, noting a 15% increase in audience and a 6% rise in frequency during the first quarter.

Uber Records 2.6 Billion Trips

Uber recorded 2.6 billion trips during the quarter, marking a 21% YoY increase and averaging approximately 28 million trips per day. Uber's revenue grew by 15% YoY to $10.1 billion, or 15% on a constant currency basis.

Combined Mobility and Delivery revenue surged 19% YoY to $8.8 billion, maintaining a 19% growth rate on a constant currency basis.

Uber achieved a new quarterly record for Adjusted EBITDA, soaring 82% YoY to $1.4 billion. This growth underscores the company's operational efficiency and financial strength.

Additionally, the company reported $172 million in income from operations, representing a significant YoY increase of $434 million. It also logged a net loss attributable to Uber amounting to $654 million.

This figure includes a $721 million net headwind (pre-tax) attributed to net unrealized losses related to the revaluation of Uber's equity investments.

In terms of free cash flow, the company generated $1.4 billion during the first quarter, reflecting its ability to generate positive cash flows from operating activities after accounting for capital expenditures.

Overall, Uber concluded the first quarter with unrestricted cash, cash equivalents, and short-term investments totaling $5.8 billion.

"Our results this quarter once again demonstrate our ability to deliver consistent, profitable growth at scale," Khosrowshahi said in a press release statement.