Uber (NYSE: UBER) had a strong quarter as demand for its ride-hailing and food-delivery services jumped. The company’s gross bookings soared by 19% in the first quarter to $31.4 billion. This happened even as fears of a recession and weak demand continued.
In a statement, Uber said that its mobility bookings jumped to $15 billion, 40% above where it was in the same quarter in 2022. Delivery gross bookings rose by just 8% as trips rose by 24% in the first quarter. In all, the company’s revenue soared to $8 billion while its loss came in at $157 million. The CFO said:
“We continued to actively manage our balance sheet, exiting our equity position in Yandex.Taxi and refinancing our term loans, and remain focused on disciplined capital allocation over the coming years.”
Uber has emerged as one of the best-performing ride-hailing companies this year because of its global reach and its food delivery services. It also has a strong market share in key countries like the United States, where its primary competitor is Lyft.
Watch here: https://www.youtube.com/embed/G1zx4JDAKJo?feature=oembedUber stock price has outperformed
Uber stock price has jumped by 32% this year, which is better than other companies. Didi, which focuses on China, has seen its shares jump by 21% while Grab stock has dropped by 8.70%. Lyft stock price has dropped by over 3.90% this year.
Most analysts believe that Uber stock price has more upside. The quant rating for the stock based on Wall Street and SeekingAlpha analysts is a strong buy. It has the momentum and most analysts believe that the company will continue doing well.
Analysts expect that Uber’s revenue will jump to $56.1 billion in 2026 and to over $91.7 billion in 2032. It is also expected to turn positive in the near term, with EPS set to jump to $6.70 by 2032. It EPS is set to become positive in the fourth quarter.
Source : https://invezz.com/news/2023/05/02/uber-had-an-epic-q1-as-mobility-solutions-revenue-jumped/
