Uber Rallies on Stronger-than-expected Results

Uber (UBER:US) shares are moving sharply higher on Tuesday after the company reported its revenue rose 29% year-over-year to $8.82 billion, slightly ahead of the consensus at $8.72 billion.

"We significantly accelerated Q1 trip growth to 24% from 19% last quarter, with Mobility trip growth of 32%, as a result of improved earner and consumer engagement,” said Dara Khosrowshahi, CEO. 

Uber reported a loss per share of $0.08, modestly better than analyst expectations for a loss per share of 9 cents. Uber’s freight business generated $1.4 billion in revenue for the quarter.

For the current quarter, Uber said it forecasts gross bookings between $33 billion to $34 billion, and an adjusted EBITDA of $800 million to $850 million. For Q1, gross booking came in at $31.4 billion while the company’s adjusted EBITDA came in at $761 million, topping the $687 million expected.

“Looking ahead, we are focused on extending our product, scale and platform advantages to sustain market-leading top and bottom-line growth beyond 2023," Khosrowshahi added.

Uber also reported 130 million monthly active platform consumers, up 13% YoY. The number of Q1 trips completed rose 24% YoY to 2.12 billion.

While Congress member Ro Khanna was selling Uber stock in the closing months of 2022, his colleague Josh Gottheimer reported several buy transactions in February. Rep. Gottheimer was mostly buying Uber shares in the low-to-mid $30s.

Uber stock is exchanging hands at around $35 apiece on Tuesday, up nearly 38% year-to-date.