Uber Reports Q1 Profit, Expects Q2 Bookings Boost

Uber Technologies reported a strong first quarter, swinging to a profit as ride-hailing and food delivery demand remained resilient, bolstered by a rebound in business travel and return-to-office policies. The company saw revenue rise 14% to $11.53 billion, with an 18% increase in total trips and gross bookings up 14% to $42.8 billion. Uber's delivery business grew in line with expectations, while its ride-hailing segment saw continued growth, despite some softness in US airport travel that was offset by gains in new mobility services. For the second quarter, Uber forecast gross bookings above Wall Street expectations, projecting between $45.75 billion and $47.25 billion, and adjusted EBITDA between $2.02 billion and $2.12 billion. Analysts remain generally positive on Uber’s long-term prospects, citing its push into autonomous vehicles and strong positioning within the gig economy, though some note potential risks from economic uncertainty and regulatory challenges. Uber’s stock has performed strongly this year, significantly outpacing its main rival Lyft and the broader market.