Shares of Uber (NYSE:UBER) popped Tuesday after the company reported first-quarter results that beat analysts’ expectations for revenue.
Loss per share proved eight cents loss vs a nine-cent cent loss expected by analysts, on revenue of $8.82 billion vs. $8.72 billion expected by analysts.
Revenue for the quarter was up 29% year over year. Uber noted that its net loss for the quarter was $157 million, of which $320 million was a net benefit due to unrealized gains on equity investments. Uber reported a net loss of $5.9 billion for the same quarter last year.
In a prepared statement, CEO Dara Khosrowshahi said Uber is off to a “strong start” for the year. He said the company’s global scale also provides it with a “significant data advantage” over its competitors that will allow Uber to employ AI solutions on the consumer side and the earner side of its business.
Khosrowshahi said Uber is already using AI to predict “highly accurate” arrival times for rides and deliveries, and to expedite driver onboarding by processing documents more “reliably and cost-efficiently.”
The company reported adjusted EBITDA of $761 million, more than the $687 million expected by analysts, according to StreetAccount. Gross bookings for the quarter came in at $31.4 billion, up 19% year over year.
For the second quarter of 2023, Uber said it expects to report gross bookings between $33 billion to $34 billion, and an adjusted EBITDA of $800 million to $850 million.
UBER shares shot up $2.21, or 6.8% to $34.95.
Related Stories
