May 6 - Uber Technologies said it expects second-quarter gross bookings to come in between $56.25 billion and $57.75 billion, a range that sits above analysts' average forecast of $56.07 billion compiled by LSEG. The company said it has taken into account an approximate 60 basis-point headwind tied to the Middle East conflict.
Shares of the San Francisco-based company rose about 8% in premarket trading on the news. Uber attributed the stronger outlook to resilient demand for both ride-hailing and delivery services, and to strategic moves that emphasize higher-margin offerings such as its business-facing platform.
In the March quarter, Uber reported gross bookings of $53.7 billion, beating expectations of $52.84 billion. The company also provided a second-quarter adjusted earnings-per-share forecast of $0.78 to $0.82, modestly above the $0.79 estimate. For the first quarter, adjusted profit per share was $0.72, which exceeded a $0.70 estimate.
Revenue in the March quarter was $13.2 billion, below analyst estimates of $13.62 billion. Uber pointed to severe winter storms across the United States, the Middle East conflict, and higher gasoline prices as contributors to the revenue shortfall. Within segments, ride-hailing revenue for the quarter was $6.8 billion, underperforming expectations of $7.11 billion, while sales in delivery and freight topped projections. The freight business in particular returned to growth for the first time in nearly two years.
Management highlighted a number of operational levers supporting its outlook. The company said keeping consumer prices steady while expanding into businesses and other higher-margin areas is helping offset costs from elevated fuel prices and geopolitical tensions. Strong delivery demand in international markets, including Australia, along with entry into new geographies such as Denmark, were cited as additional growth drivers.
Uber is also leveraging technology to improve productivity. The company reported that growing adoption of artificial intelligence tools is moderating hiring needs by enhancing efficiency across its operations. At the same time, Uber is broadening its platform across food delivery, grocery, travel and local commerce, and has moved into hotel bookings as part of that expansion.
Its loyalty offering, Uber One, has surpassed 50 million members and now accounts for roughly half of the company's gross bookings, according to management. That membership base appears to be an increasingly important source of recurring customer engagement and revenue mix.
On the autonomous vehicle front, Uber is pursuing a partnership-led strategy rather than developing robotaxi technology internally. The company said it is working with more than 20 partners to integrate robotaxis onto its platform and expects to facilitate autonomous vehicle trips in as many as 15 cities globally by the end of 2026 as those partnerships expand.
Outlook
Uber's guidance for the June quarter implies continued momentum across delivery and international markets, support from its business platform initiatives and membership growth, while acknowledging the tangible impact of geopolitical conflict on bookings.