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Uber reported first-quarter revenue on Wednesday that missed estimates, but the ride-hailing giant issued bookings guidance for the current quarter that exceeded analysts’ expectations.
The stock climbed 10% following the earnings release.
Here’s how the company did versus Wall Street’s expectations, according to estimates compiled by LSEG:
* **Earnings per share:** 13 cents vs. 70 cents expected
* **Revenue:** $13.2 billion vs. $13.29 billion expected
Uber said its net income took a $1.5 billion hit due to the revaluation of equity investments. On a non-GAAP basis, earnings per share came to 72 cents, the company said in its earnings release on Wednesday. Uber has equity investments in Didi and Grab, both based in Asia.
Because of the “pre-tax headwind” from the revaluations, net income fell to $263 million from $1.78 billion a year earlier. Revenue in the quarter increased 14% from $11.5 billion a year ago.
Uber’s delivery segment, the fastest-growing part of the business, recorded 34% revenue growth to $5.07 billion from $3.78 billion in the same quarter last year. That topped the average analyst estimate of $4.89 billion, according to StreetAccount.
The company said delivery growth was strong in Australia, Japan, and the U.K.
The revenue miss was due to the performance of Uber’s mobility, or ride-hailing, business. Sales rose 5% from a year earlier to $6.8 billion, while analysts had expected revenue of $7.11 billion, according to StreetAccount.
In prepared remarks ahead of the earnings call, CEO Dara Khosrowshahi said Uber faced a “complex macro backdrop marked by weather disruptions, geopolitical tensions, and gas price volatility.” Since the U.S. began combat operations in Iran in February, gas prices in the U.S. have jumped about 50%.
The higher prices are particularly challenging for Uber drivers, who foot the bill for their fuel. In late March, Uber unveiled some fuel discounts and other offers for drivers that are set to last through nearly the end of May.
The company reported 3.6 billion trips during the first quarter. Gross bookings increased 25% to $53.7 billion, beating the $52.8 billion average estimate. For the second quarter, the company expects bookings of $56.25 billion to $57.75 billion, ahead of $56.17 billion consensus estimate.
Uber has been investing in autonomous vehicles, and plans to buy AVs from some of its partners, including Waabi, Wayve, Rivian and Nuro, after they’re validated as safe to operate without a human supervisor or driver on board.
The company’s AV partners also include robotaxi service providers, such as Alphabet’s Waymo and WeRide in China, that want their self-driving vehicles to be available via the Uber app,
Uber is selling services like custom insurance, operations and maintenance, and training data to the AV industry.
In an effort to reduce costs internally, Uber has adopted artificial intelligence for engineering productivity and is moderating its hiring. The company said in prepared remarks that 95% of its engineers now use AI coding tools monthly, with more than 10% of the company’s code “written autonomously by AI coding agents.”
Source: [https://www.cnbc.com/2026/05/06/uber-uber-2026-q1-earnings.html](https://www.cnbc.com/2026/05/06/uber-uber-2026-q1-earnings.html)