By Rob Curran
Uber Technologies swung to a first-quarter profit as riders ordered more trips on the digital taxi service, and the company forecast more growth in bookings during the second quarter.
The San Francisco ride-hailing and food-delivery app owner swung to a profit of $1.78 billion, or 83 cents a share, from a loss of $654 million, or 32 cents a share, a year earlier.
Earnings surpassed the 81 cents a share targeted, on average, by analysts surveyed by FactSet.
First-quarter revenue rose 17% to $11.53 billion, compared to the mean analyst estimate of $11.63 billion.
The number of trips for the company whose name has become a verb rose 18% to 3 billion. In dollar terms, gross bookings rose 14% to $42.8 billion.
The company estimated 8.5 million drivers and couriers earned an aggregate $18.6 billion during the period.
For the second quarter, Uber forecast gross bookings in a range between $45.75 billion and $47.25 billion. Uber projected adjusted earnings before interest, taxes, depreciation and amortization in a range between $2.02 billion and $2.12 billion.
On Tuesday, Uber unveiled a joint venture with Chinese self-driving car company Pony AI to roll out robotaxis in Middle Eastern markets in a pilot program that could lead to more widespread rides in driverless Uber cars.
Uber Eats rival DoorDash recently agreed to acquire U.K. food-delivery app Deliveroo, reflecting intensifying competition in online food ordering.
Write to Rob Curran at rob.curran@wsj.com
(END) Dow Jones Newswires
May 07, 2025 06:55 ET (10:55 GMT)
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