Uber Shares Jump as Revenue Takes Off

By
Bill McColl
Bill McColl
Full Bio

Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time.

Learn about our editorial policies
Published May 02, 2023
Close-up of an Uber sticker on the side of a car

Getty Images

Key Takeaways

  • 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.

Chart showing the percentage change in the share price of Uber Technologies (UBER) in 2023, up 47.72% year to date

YCharts
Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.

  1. Uber. "Uber Announces Results for First Quarter 2023,"

  2. Uber. "Q1 2023 Prepared Remarks," Page 1.

Take the Next Step to Invest
×
The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace.
Service
Name
Description