Uber prepares to release Q1 results as robotaxi strategy and hotel expansion take centre stage
Analysts expect revenue of $13.33 billion and adjusted earnings per share of $0.71 as Uber balances core growth with costly autonomous ambitions.
Uber is scheduled to report its first-quarter earnings before the bell on Wednesday, a critical moment for the company to validate its profit growth trajectory. This financial update arrives as the firm navigates escalating costs associated with its autonomous vehicle ambitions, seeking to demonstrate that its core business remains robust despite these heavy investments.
Market analysts project the company will report Q1 revenue of $13.33 billion, representing a 15 per cent increase year-on-year. Adjusted earnings per share are expected to reach $0.71, with EBITDA projected at $2.44 billion. Gross bookings are anticipated to hit $52.9 billion, a 23 per cent rise year-on-year that falls within the company's guidance range of $52 billion to $53.5 billion.
Beyond the headline figures, attention is focused on Monthly Active Platform Consumers, which are projected to show continued acceleration. This follows last quarter's figure of 202 million, an 18 per cent year-on-year increase that marks a faster pace than the 14 per cent growth seen at the start of the year.
On the autonomous front, Uber has established a new business unit, Uber Autonomous Solutions, to assist partners in commercialising AV fleets globally. The company has significantly deepened its ties with Lucid Motors, increasing its commitment to $500 million and securing an ownership stake of over 11 per cent. Additionally, Uber has committed to purchasing 10,000 Rivian R2 robotaxis, with an option to acquire 40,000 more by 2030.
Initial deployments of these Rivian vehicles are targeted for San Francisco and Miami in 2028, with plans to scale operations to 25 cities by 2031. To support these logistics, Uber has contracted Hertz's fleet management unit to handle charging, cleaning, and maintenance for the robotaxi service in the San Francisco Bay Area.
In a move to diversify beyond ride-hailing, Uber launched a new in-app hotel booking feature powered by Expedia. This integration grants users access to over 700,000 properties globally, with Uber One members eligible to earn 10 per cent back in credits and unlock discounts at more than 10,000 hotels. The application also now features AI-powered voice booking capabilities utilising OpenAI's ChatGPT.
