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Uber seems to be boosting the global economy, despite concerns that consumers are moving away from vehicle use and delivery services.
The company announced on Wednesday that its revenue reached $11.5 billion in the last quarter. This marks a 14% increase from the previous year, slightly below what Wall Street analysts anticipated. Total bookings also climbed 14% to $42.8 billion, meeting expectations.
Investors are keen to understand the impact of President Trump’s recent tariffs on Uber’s growth trajectory. While the company’s core business is minimally affected by customs duties, a sluggish economy could deter customers from spending on rides and deliveries.
Nonetheless, Uber forecasts that bookings will rise between 16% and 20% in the current quarter, surpassing Wall Street’s 14% estimate. In a statement, CEO Dara Khosrowshahi remarked on the strong start to the year, despite “a dramatic backdrop of trade and economic news.”
Uber’s profit for the quarter was $1.8 billion, a significant turnaround from a loss of $654 million in the same quarter last year, which included a $721 million impact from the revaluation of an investment.
Additionally, Uber revealed several new partnerships related to self-driving cars over the first four months of the year, as part of a broader strategy to engage with the robot taxi sector, which poses competitive challenges.
In March, the company initiated an exclusive collaboration in Austin, Texas, with plans to launch in Atlanta soon alongside autonomous automotive partner Waymo. By May, Uber had established 18 active self-driving car partnerships.
While rides continue to be the main source of Uber’s profits, the food delivery segment has seen a growth of 15%. Recently, the company invested $700 million to acquire an 85% stake in Trendyol GO, a Turkish grocery and cuisine service.
Furthermore, Uber experienced a relief from increasing car insurance costs that had affected driver earnings. The company has bolstered its short-term and long-term insurance reserves over the last quarter compared to the previous year.
Source: www.nytimes.com
