Shares of ride-hailing giant Uber Technologies (NYSE:UBER) are in the green at the time of publishing today after the company posted better-than-expected first-quarter numbers and issued a strong booking foreacast for Q2.
Revenue rose 27.5% year-over-year to $8.8 billion, outperforming estimates by $90 million. Moreover, the net loss per share at $0.08 too came in narrower than estimates by $0.01.
During the quarter, gross bookings rose 19% over the prior year to $31.4 billion. Looking ahead, for the second quarter, Uber expects gross bookings to hover between $33 billion and $34 billion. Adjusted EBITDA is anticipated between $800 million and $850 million. Impressively, the outlook handily outstrips analysts’ expectations of $33.07 billion in revenue and $757.7 million for adjusted EBITDA for the period.
Overall, the Street has a $47.79 consensus price target on Uber, implying a potential upside of 46% in the stock.
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