Uber Technologies Inc (NYSE:UBER, ETR:UT8) shares fell 5.5% on Tuesday morning after first-quarter revenue and gross bookings came in below Wall Street estimates, overshadowing stronger-than-expected profit and robust growth in trips and users.
Revenue for the ride-hailing platform rose 14% year-over-year to $11.53 billion, missing analysts' expectations of $11.62 billion. Gross bookings climbed 14% to $42.82 billion, slightly below the $43.14 billion forecast.
The miss in topline metrics weighed on investor sentiment despite adjusted earnings per share of $0.83, which handily beat estimates of $0.51, as net income of $1.78 billion reversed a loss of $654 million a year earlier. Free cash flow also surged 66% to $2.25 billion.
Total trips increased 18% to 3.04 billion, while monthly active platform consumers rose 14% to 170 million.
Adjusted EBITDA improved across segments, with Delivery jumping 45% to $763 million, and Mobility rising 19% to $1.75 billion.
“Trips up 18%, strong user retention, and five new [autonomous vehicle] announcements show our commitment to long-term innovation,” CEO Dara Khosrowshahi said in a statement.
For the second quarter, Uber guided for adjusted EBITDA between $2.02 billion and $2.12 billion, in line with expectations. The company expects gross bookings between $45.75 billion and $47.25 billion, slightly ahead of estimates, though it flagged currency headwinds of up to 3% on its Mobility segment.