- Uber Technologies (UBER) reported first quarter 2023 results that beat analysts' estimates on revenue, losses per share, and EBITDA.
- Gross bookings for the company's ridesharing business jumped 40% as customers returned to the road following the pandemic slowdown.
- Shares of Uber posted gains of 11% on May 2 and are currently up 47% in 2023.
Uber (UBER) shares soared 11% as the ridesharing company's revenue soared and it significantly cut its losses.
Uber reported first quarter revenue spiked 29% to $8.82 billion. Its loss of $0.08 per share was down from $3.04 per share the year before. Earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at $761 million. All three were better than analysts’ forecasts.
The number of trips taken jumped 24% to 2.12 billion. Gross bookings revenue climbed 19% to $31.4 billion. Gross bookings for the company's Mobility unit soared 40% to almost $15 billion as customers returned to the service following the slump during the COVID-19 pandemic. Delivery gross bookings, which exploded during the pandemic lockdowns, was also at $15 billion, an 8% gain.
CEO Dara Khosrowshahi said, "Uber is off to a strong start in 2023." He noted that, as the market faces tighter capital availability and higher interest rates, "we are well positioned to improve our competitive position."
Use of AI
Khosrowshahi also noted that Uber is incorporating artificial intelligence (AI) into its operations and was already using the technology to predict "highly accurate" arrival times for pickups and deliveries. The CEO explained that the company was in the "early stages of using large data models to power improved user experiences and efficiencies."
Shares of Uber Technologies are 47% higher this year.