Uber Technologies (NYSE:UBER) declined in pre-market trading as its losses widened in the first quarter to $0.32 per share as compared to a loss of $0.08 per share in the same period last year. This loss was wider than analysts’ expectations of a loss of $0.22 per share.
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Uber’s Revenue Breakdown
The ride-hailing company’s revenues grew 15% year-over-year on a constant currency basis to $10.1 billion in the first quarter, in line with Street estimates. Uber’s combined revenues from its mobility and food delivery business went up by 19% year-over-year to $8.8 billion.
Indeed, in Q1, Uber’s mobility business comprised more than half of its revenues, generating revenues of $5.6 billion.
Uber’s Business Metrics in Q1
The company’s gross bookings jumped 20% year-over-year to $37.7 billion with mobility gross bookings up by 26% year-over-year to $18.7 billion. Uber’s delivery gross bookings increased by 17% year-over-year on a constant currency basis to $17.7 billion. The ride-hailing service defines gross bookings as the total dollar value of mobility rides and delivery orders, including taxes, tolls, and fees, without any adjustments for consumer discounts or refunds.
Trips during the first quarter grew 21% year-over-year to 2.6 billion.
Uber’s Outlook for the Second Quarter
In the second quarter, the company has forecast gross bookings in the range of $38.75 billion to $40.25 billion, indicating a year-over-year growth between 18% and 23% on a constant currency basis. Uber has estimated adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) between $1.45 billion and $1.53 billion, which represents an increase of 58% to 67% year-over-year.
Is Uber Stock a Good Buy Right Now?
Analysts remain bullish about Uber stock, with a Strong Buy consensus rating based on 35 Buys and one Hold. Over the past year, Uber has surged by more than 75%, and the average UBER price target of $89.44 implies an upside potential of 27% from current levels. These analyst ratings are likely to change following Uber’s Q1 results today.
