Uber stock jumps after strong Q1 revenue and trip growth
Uber (UBER) reported higher revenue, increased trips, and upbeat forward guidance before the opening bell on Wednesday, as the ride-hailing company continues to perform in a challenging macroeconomic environment.
The company’s first-quarter gross bookings reached $53.72 billion versus the $52.9 billion expected, marking a 25% year-over-year increase and coming in above Uber’s own guidance range of $52 billion to $53.5 billion, News.Az reports, citing Yahoo Finance.
Uber also said that total trips rose 20% year over year to 3.6 billion, while Monthly Active Platform Consumers (MAPCs) increased 17% year over year to 199 million users.
Following the earnings release, Uber stock surged 9% in pre-market trading.
In terms of financial performance, Uber posted Q1 revenue of $13.20 billion compared with a Bloomberg consensus estimate of $13.33 billion, reflecting a 14% increase from the same period a year earlier. The company also reported adjusted earnings per share (EPS) of $0.72 versus the expected $0.71.
Adjusted EBITDA came in at $2.48 billion compared to the estimated $2.44 billion, representing a 33% year-over-year increase.
News.Az
By Nijat Babayev
