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Uber stock climbed 10% after the company reported first-quarter results on Wednesday that missed revenue expectations but included second-quarter bookings guidance that exceeded what analysts had anticipated.
First-quarter revenue totaled $13.2 billion, a 14% increase from the year-ago period, while the analyst consensus had pegged the figure at $13.29 billion, according to CNBC. On a GAAP basis, diluted EPS came to $0.13 versus the $0.70 analysts had forecast, though stripping out one-time items produced non-GAAP EPS of $0.72, a 44% improvement over the prior year.
A $1.5 billion pre-tax charge tied to mark-to-market losses on equity holdings was the primary factor separating GAAP from adjusted results; net income shrank to $263 million as a consequence, compared with $1.78 billion in the first quarter of 2025. Those holdings include stakes in Asian ride-hailing operators Didi and Grab, according to CNBC.
Uber's mobility division was the drag on overall revenue, with its $6.8 billion in sales — a 5% year-over-year gain — falling well short of the $7.11 billion Wall Street had projected, according to CNBC. Khosrowshahi pointed to a challenging operating environment in his pre-call remarks, describing a "complex macro backdrop marked by weather disruptions, geopolitical tensions, and gas price volatility," and noted that pump prices across the U.S. have surged roughly 50% since American military operations in Iran commenced in February — a particular burden given that drivers bear their own fuel costs.
At $5.07 billion, delivery revenue expanded 34% from the same quarter a year ago, surpassing the $4.89 billion consensus estimate, according to CNBC — making it the company's highest-growth business line. Geographic standouts included Australia, Japan, and the U.K.
At $53.7 billion, gross bookings came in ahead of the $52.8 billion analyst consensus while rising 25% from the prior year. Looking to the current quarter, Uber guided for gross bookings between $56.25 billion and $57.75 billion — equivalent to constant-currency growth of 18% to 22% — a range that cleared the $56.17 billion consensus, according to CNBC. The company also projected non-GAAP EPS of $0.78 to $0.82 for the quarter, reflecting growth of 31% to 38% year-over-year.
Trips during the quarter totaled 3.6 billion, up 20% year-over-year. Monthly active platform consumers reached 199 million, up 17%. Adjusted EBITDA grew 33% to $2.5 billion. The company spent $3 billion repurchasing its own stock during the quarter.
CFO Balaji Krishnamurthy said in a statement that gross bookings growth had exceeded 21% for a third consecutive quarter and that the company was "investing with conviction in the significant opportunities ahead."
Uber One, the company's subscription tier, has attracted 50 million members who collectively generate half of gross bookings across rides and delivery. On the technology side, Uber disclosed that AI coding assistants have become standard practice among its engineering workforce, with adoption reaching 95% on a monthly basis and AI agents now authoring more than one in ten lines of code.
Uber has been expanding its platform beyond rides and food delivery, announcing a partnership with Expedia Group to bring hotel bookings into its app and agreeing to acquire Blacklane, a Berlin-based chauffeur booking platform operating in more than 500 cities across over 60 countries. The company has also been building out its autonomous vehicle strategy, partnering with Hertz's new Oro Mobility unit to manage fleet operations for its robotaxi program, which pairs Lucid vehicles with Nuro's self-driving technology.