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3w ago

Uber's Q1 Revenue Misses Estimates, But Strong Guidance and AV Expansion Highlight Future Plans

While revenue fell short of Wall Street expectations, Uber exceeded earnings forecasts, projected robust Q2 growth, and emphasized its autonomous vehicle strategy.

The logo of Uber is seen at a temporary showroom at the Promenade road during the World Economic Forum (WEF) 2023, in the Alpine resort of Davos, Switzerland, January 20, 2023. REUTERS/Arnd Wiegmann/File photo
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Overview

  • Uber reported Q1 revenue of $11.53 billion, a 14% increase year-over-year but below analysts' expectations of $11.62 billion.
  • Adjusted EPS for the quarter was $0.83, significantly surpassing the $0.50 forecast by analysts.
  • Gross bookings rose 14% to $42.82 billion, driven by 15% growth in ride-hailing and 18% growth in delivery, though both slightly missed projections.
  • The company issued optimistic Q2 guidance, forecasting gross bookings of $45.75–$47.25 billion and adjusted EBITDA of $2.02–$2.12 billion, exceeding Wall Street estimates.
  • CEO Dara Khosrowshahi highlighted autonomous vehicles as Uber's key growth opportunity, with partnerships like Waymo achieving high utilization rates in Austin, Texas, and plans for continued expansion.