Uber Records 29 Percent Jump in Quarterly Revenues With Much Higher Gross Bookings Amid Rising Demand


Uber shares rocketed higher early Tuesday after the ride-hailing and delivery company reported a jump in revenues amid rising demand.

Pointing to robust activity in numerous markets, the company reported a 29 percent jump in first-quarter revenues to $8.8 billion (roughly Rs. 72,000 crore), with much higher gross bookings in both mobility and delivery.

Uber reported a loss of $157 million (roughly Rs. 1,300 crore). That translated into a loss of eight cents per share, a penny better than analyst expectations.

Chief Executive Dara Khosrowshahi said the company is working to reach profitability by “optimizing every single line item” across its business, according to prepared remarks.

Gross bookings and trips growth exceeded typical seasonal trends in the United States, Canada and Latin America, Khosrowshahi said.

He said “cutting edge” artificial intelligence programs have allowed for more precise estimated arrival times and faster onboarding times.

“We are still in the early stages of using large data models to power improved user experiences and efficiencies across our platforms, with much more to come,” he said.

Uber is also investing in delivery of items such as groceries and alcohol as a growth venture.

The company expects headcount to be “flat to down through the coming quarters” as it seeks to rein in costs.

Shares rose 5.8 percent to $34.63 (roughly Rs. 2,800) in early trading.

The Vivo X90 Pro has finally made its debut in India, but is the company’s flagship smartphone for 2023 equipped with enough upgrades over its predecessor? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

Affiliate links may be automatically generated – see our ethics statement for details.

Articles You May Like

Apple Likely to Unveil AR/VR Mixed Reality Headset at WWDC 2023: What to Expect
Why Apple’s VR headset could succeed where every similar product has failed
Bitcoin Coders Deliberate Over Future of $1 Billion Memecoins Such as Pepe
Samsung Galaxy Z Flip 5 5G Price, Specifications Tipped; May Cost Same as Its Predecessor in US
India’s Internet Economy Expected to Grow Six-Fold, Reach $1 Trillion by 2030: Report