Uber Reports Q1 Revenue Miss Despite Increased User Trips

Uber Technologies reported first-quarter earnings that exceeded analyst expectations for profit, with adjusted EPS of $0.83 and net income of $1.78 billion, marking a significant turnaround from a loss the previous year. However, revenue and gross bookings both fell short of Wall Street forecasts, with revenue at $11.53 billion and gross bookings at $42.8 billion, raising concerns about potential consumer pullback and slower rideshare growth. Despite the revenue miss, key segments like ride-hailing and delivery saw double-digit year-over-year growth, and monthly active platform consumers rose 14% to 170 million. Uber's adjusted EBITDA grew 35% year-over-year to $1.9 billion, and the company expects further gains in the next quarter, forecasting gross bookings of $45.75 to $47.25 billion and adjusted EBITDA of $2.02 to $2.12 billion. CEO Dara Khosrowshahi highlighted autonomous vehicle technology as a major opportunity, noting Uber has reached a run-rate of 1.5 million AV trips. Uber's stock, despite a dip after the report, remains up significantly over the past year.