Uber Results Beat in Q1 as Delivery Shines, Ride Hailing Recovers By Investing.com

By Yasin Ebrahim

Uber (NYSE:UBER) reported Wednesday first-quarter results that beat analysts’ forecasts, driven by a surge in growth in its delivery business and recovery in its ride hailing business.

Uber Tech shares gained 0.47% in after-hours trade following the report.

Uber Tech announced a loss per share of 6 cents on revenue of $2.90 billion. Analysts polled by Investing.com anticipated a loss of 56 cents a share on revenue of $3.26 billion.

Gross bookings rose 24% to $19.5 billion, beating consensus estimates for $18.04 billion, with mobility down 38%, but delivery up 166%.

“We outperformed both our Gross Bookings and Adjusted EBITDA outlook, with Mobility trends improving through the quarter and continued elevated growth for our delivery business,” the company said.

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