Uber's Revenue and EBITDA Show Mixed Results
Uber Freight's revenue dropped 23% YoY in Q1 2023, with negative adjusted EBITDA of $23 million. The Transplace acquisition has not yet brought consistent profitability by that key EBITDA measure. CFO Nelson Chai said that Uber Freight is "really something we still believe in." The weak freight market was cited as a reason for the negative results. Uber Freight and Transplace operate on different sides of the freight divide, with the former having a network of carriers that use its digital brokerage capabilities and the latter operating transportation management systems primarily for shippers.