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.
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