Uber Keeps Inventing EBITDA Metrics
Uber’s earning results released Wednesday afternoon slightly disappointed Wall Street’s expectations. The company put out a press release with a summary of its third quarter 2020 results, including several EBITDA metrics.
The company reported earnings in terms of EBITDA, Adjusted EBITDA, Delivery Adjusted EBITDA, and Mobility Adjusted EBITDA. Nearly all of those metrics were losses, including a net loss of $625 million for adjusted EBITDA. This loss was a slight disappointment of analyst estimates.
Uber is notorious for adding back as many expenses as possible, and substituting its adjusted EBITDA metrics for net profit whenever possible.
Revenue declined 18% year-over-year, all due to a massive drop in rideshare revenue. Delivery revenue was up 125%.
The press release failed to disclose an unadjusted net loss figure. We’ll just have to wait for the earnings call at 4:30pm eastern time today to find out those figures.