On February 10th, 2022, Uber hosted an Investor Day in New York City. This Investor Day was an opportunity to bring Uber’s executive team together to present the company’s 2021 financial results, long-term allocation plans, and overarching strategy.
During Investor Day, Uber CEO, Dara Khosrowshahi, provided the audience with some impressive overall insight into Uber and then passed the stage to various company executive leaders. Here are some 2021 key takeaways from the conference:
- Uber reported a record quarter for gross app bookings in their final quarter
- Uber added 122,000 taxis to the platform with a goal of having all taxis on Uber by 2025
- Uber saw record earnings on the platform and saw monthly driver growth rates
- The monthly driver growth rates were 2x the growth rate seen in 2019
- Uber Eats has taken over the #1 food delivery position in 70% of the countries it’s offered in
Uber Company Overview
From CEO Dara Khosrowshahi’s remarks, it was made abundantly clear that there were many positive statistics to report from Uber’s 2021 financial year. Uber reported a record quarter for gross app bookings in their final quarter of 2021. This quarter also brought an 8 billion dollar increase in bookings when compared to the same quarter two years earlier.
Uber has also seen a compounded annual growth rate of 27% on the number of bookings per year, despite being a mobility business that was impacted by the pandemic.
Unfortunately, Uber has had to make some difficult decisions during the pandemic, including rationalizing and exiting multiple delivery markets. Despite making these difficult decisions, Uber has still seen significant company wins, including Uber Eats becoming considered an essential day-to-day service in 32 countries. Since the pandemic, Uber Eats has grown larger than Uber mobility was pre-pandemic.
Uber has also been working hard on creating a more targeted and relevant in-app experience for customers. Khosrowshahi pointed out that Uber will show you nearby restaurants and grocery stores if you are on a trip and reaching your destination. Not only will Uber show you what’s nearby, but the recommendations for each user will also be uniquely targeted to the user based on data.
Uber has set some lofty goals for the future. One of these goals is to have all taxis on Uber by 2025. This goal comes from the belief that taxis will assist in unlocking new business markets and increase driver supply.
Uber has seen a significant increase in driver supply with the addition of more taxis. In 2021, Uber added 122,000 taxis to the platform, which equated to 3% of earners joining the platform. Uber also has an overarching goal of making its platform more affordable to promote accessibility and build a transportation ecosystem. Another goal Uber has set is to produce zero carbon emissions by 2040.
In 2021, Uber saw record earnings on the platform and saw monthly driver growth rates, which were 2x the rate seen in 2019. Uber attributes part of this growth to CEO Khosrowshahi, who took it upon himself to become a driver himself for the purpose of uncovering and fixing pain points such as legibility and navigational struggles. With Khosrowshahi’s hands-on approach, Uber was able to resolve 300 identified pain points for customers and employees.
In the future, Uber has plans to provide car-sharing and car leasing services that involve having a leased vehicle dropped off at your doorstep for convenience.
Uber Eats has not only survived but thrived in 2021. Since the beginning of the pandemic, Uber Eats has more than tripled and is competing for the spot of “largest food delivery platform outside of China.”
Despite being called Uber Eats, this delivery service delivers far more than just prepared food. Uber Eats brings a slice of community to your door and provides customers with the best their neighbourhood has to offer. Alcohol, convenience items such as phone chargers, and groceries are examples of non-prepared meal items you can purchase on Uber Eats.
As 2021 closed out, Uber remained the fastest-growing delivery service platform in America and saw ever-increasing yearly profit margins. Uber Eats was first launched worldwide in 2016 and since then has taken over the #1 food delivery position in 70% of the countries it’s offered in. In the remaining 30% of countries, Uber Eats holds the #2 position.