Uber shares revved higher in pre-market trading on Tuesday after the ride-share company posted first quarter earnings that zoomed past Wall Street’s expectations.
Revenue grew 29% over the comparable quarter last year to $8.8 billion, ahead of the Street’s expectation per Bloomberg of $8.7 billion.
Uber's loss per share of $0.08 was in line with expectations.
The company’s gross bookings grew 19% year-over-year to $31.4 billion, while trips during the quarter grew 24% from the year-ago quarter to 2.1 billion or about 24 million trips per day on average.
Mobility and delivery bookings topped forecasts at $14.9 billion and $15 billion respectively, above the $14.8 billion and $14.9 billion expected by analysts, while freight bookings of $1.4 billion fell short of the $1.6 billion expected.
For the second quarter, Uber said it expects to report gross bookings of $33 billion to $34 billion and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $800 million to $850 million.
"We delivered record profitability and free cash flow in 1Q, and we are poised to expand profitability again in 2Q,” said Uber CFO Nelson Chai in a statement.
“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 shares had added 7.4% at US$35.17 late morning on Tuesday.
-- Updated with share price --
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