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The firm's earnings, nonetheless, did not meet expectations.
Uber announced a net income of $1.78 billion, equating to $0.83 per share, for the January-March quarter, in contrast to a net loss of $654 million, or $0.32 per share, during the same period last year.
Quarterly revenue increased by 14% to $11.53 billion, up from $10.13 billion the previous year.
FactSet surveyed experts who, on average, projected the company's net earnings to be $0.81 per share with total revenue of $11.63 billion.
Uber's overall order volume increased by 14% to $42.82 billion, with ride-hailing orders rising 13% to $21.18 billion and delivery service orders climbing 15% to $20.38 billion. In the first quarter, the rides given by Uber drivers rose by 18% to reach 3 billion.
Adjusted EBITDA for January-March increased by 35% to $1.9 billion, while the profit margin improved to 4.4% from 3.7% in the same period last year.
Uber anticipates total orders to reach between $45.75-47.25 billion in the second quarter, representing a 16-20% increase compared to the previous year. The company projects adjusted EBITDA for the ongoing quarter to be between $2.02 and $2.12 billion (an increase of 29-35%).
Starting in 2025, Uber's market value has increased by 42.3%.
source: marketwatch.com
Uber announced a net income of $1.78 billion, equating to $0.83 per share, for the January-March quarter, in contrast to a net loss of $654 million, or $0.32 per share, during the same period last year.
Quarterly revenue increased by 14% to $11.53 billion, up from $10.13 billion the previous year.
FactSet surveyed experts who, on average, projected the company's net earnings to be $0.81 per share with total revenue of $11.63 billion.
Uber's overall order volume increased by 14% to $42.82 billion, with ride-hailing orders rising 13% to $21.18 billion and delivery service orders climbing 15% to $20.38 billion. In the first quarter, the rides given by Uber drivers rose by 18% to reach 3 billion.
Adjusted EBITDA for January-March increased by 35% to $1.9 billion, while the profit margin improved to 4.4% from 3.7% in the same period last year.
Uber anticipates total orders to reach between $45.75-47.25 billion in the second quarter, representing a 16-20% increase compared to the previous year. The company projects adjusted EBITDA for the ongoing quarter to be between $2.02 and $2.12 billion (an increase of 29-35%).
Starting in 2025, Uber's market value has increased by 42.3%.
source: marketwatch.com
