Uber Freight’s fourth-quarter earnings continued to show deterioration both from a year ago and sequentially from the third quarter.
Gross bookings of $1.273 billion were down 0.47% from fourth-quarter 2023 bookings of $1.279 billion. It was a steeper drop from the third quarter, when gross bookings were just over $1.3 billion, for a 2.68% decline.
Earnings before interest, taxes, depreciation and amortization, which has now been negative at Uber Freight for nine consecutive quarters, widened to negative $22 million from negative $14 million a year ago. Sequentially, the decline was 15.8% from negative $19 million in the third quarter.
Uber Freight was not mentioned on the company’s earnings call with analysts (NYSE: UBER).
In the few brief comments about Uber Freight in the company’s prepared statement, Uber described the revenue as “flat” despite the small decline. It was “driven by a decrease in revenue per load as a result of the challenging freight market cycle, partially offset by an increase in volume.”
Uber Freight’s adjusted EBITDA margin was weaker by 60 basis points to 1.7% from a year ago.
Uber uses the earnings release as an opportunity to tout various technology improvements at the company.
For Uber Freight, it was just one this quarter: Broker Access, which provides more direct links for brokers to the extensive network of carriers on the Uber Freight system. Broker Access was launched in the fourth quarter.
More articles by John Kingston
Trucking-backed suit may be arena for dumping Biden independent contractor rule
Western Express prevails at federal appeals level in ‘wall of water’ case ATA saw as important
Drivers settle class action with Lytx over in-cab surveillance, data gathering
