Uber reported its Q1 results on Tuesday, showing higher performance than analysts’ expectations. It has recorded a revenue increase of 29% YoY

Uber revenue rises 29% for Q1 2023 YoY

Taxify company Uber gained 9% in its shares pre-market trading Tuesday after it released a financial report showing that it had registered a massive growth in Q1 2023 against analysts’ expectations.

Here is how it performed:

  • Loss per share: 8 cent loss vs the expected 9 cents
  • Revenue: $8.82B vs. $8.72B expected revenue
  • Mobility (gross bookings): $14.98 billion, up 40% year-over-year
  • Delivery (gross bookings): $15.02 billion, up 8% year-over-year

The company noted that it had registered a net loss of $157 million for the quarter but had a net profit of $320 million due to unrealized gains on equity investments. This report is much different and encouraging for the market, unlike the $5.9 billion loss it registered in the same period last year.

Its CEO, Dara Khosrowshahi, said Uber had showcased a strong start to the year. He added that the company’s global scale gives it an advantage over its competitors, allowing it to onboard AI solutions for both the consumer and earner sides of its business model. 

He added that the company is already using AI to predict highly accurate arrival times for rides and deliveries and expediting driver onboarding via processing documents more reliably and cost-efficiently.

“We are still in the early stages of using large data models to power improved user experiences and efficiencies across our platform, with much more to come,” he added.

The Q1 report was impressive compared to last year. The company expects to report gross bookings of between $33 and $34 billion for Q2 2023. It also expects an adjusted EBITDA of $800 million to $850 million.