Uber reported first-quarter earningsThe bell will ring on Wednesday before you get up.

Below are some key numbers

• Percentage of loss: $3.04 (GAAP), not comparable to analyst estimates
• Revenue: $6.85 billion vs. $6.13 billion estimated, according to a Refinitiv survey of analysts.

Uber expects to book gross bookings between $28.5 billion-$29.5 billion for the second quarter. In addition, it expects adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization, of between $240 million and $270 million.

According to the company, a loss of $5.9B was reported for its first quarter. This loss was due mainly to equity investments.

Adjusted EBITDA reached $168 million. It’s an increase of $527million over the quarter last year.

Uber’s revenues increased 136% from year to year, reaching $6.9 Billion.

This is how Uber’s biggest business segments did in the first quarter 2022.

• Mobility (gross Bookings) $10.7 billion, up 58% year over year
• Delivery$13.9Billion, up 12% Year-over-Year

Uber relied on its delivery service, Uber Eats included, during the pandemic. Delivery revenues are now obsolete as mobility revenues. Mobility segment generated $2.52 billion, which is more than delivery’s $2.51 trillion. The revenue excludes any additional taxes or fees, as well as tolls, from gross bookings.

Dara Khosrowshahi CEO stated that mobility gross bookings in April exceeded levels for 2019 in all areas and use cases.

Uber had 1.71 Billion trips made on the platform last quarter. That’s 18% higher than in the same quarter one year ago. The monthly active platform users reached 115million, an increase of 17% over the previous year. This quarter saw a slight decrease in revenue for drivers and couriers, with an average of $9 billion.

Uber stated that its driver base has reached a high post-pandemic level. Khosrowshahi, prepared remarks stated that Uber expects this to continue without any “significant incremental incentive investments.”

After the Covid-19 pandemic, which saw drivers abandon the roads in droves, many rideshare companies are struggling to balance supply and demand. Uber was one of the companies that heavily relied on driver incentives in order to attract drivers back. This ate into Uber’s financials.

Despite the fact that things seemed to have stabilized in recent months and fuel prices rising significantly due to war in Ukraine, this caused significant increases. Analysts worried that drivers would be lost to competition and companies would need to spend millions of dollars on their maintenance. Uber will likely add color to driver incentives in its earnings call, which is set for 8 AM. ET.

Encouragement along with light guidanceLyft’s shares fell in extended trading on Tuesday due to this. Lyft stated during an analyst call that it would be increasing driver subsidies over the next quarter. However, it said it believed this will “pay off” in a more healthy marketplace.

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