Uber Technologies shares surged more than 8 per cent in morning trade on May 6, touching $78.92 around 10:30 a.m. EST, after the company reported strong growth in bookings, trips and profits regardless of a difficult economic environment.
The stock stayed firmly in positive territory through the morning session as investors reacted positively to the company’s better-than-expected performance and strong guidance for the next quarter.
Strong growth in bookings and trips
Uber reported first-quarter gross bookings of $53.72 billion, higher than analyst estimates of $52.9 billion. The figure was also above the company’s own guidance range of $52 billion to $53.5 billion. Gross bookings rose 25 per cent compared to the same period last year.
Trips on the platform increased 20 per cent year-on-year to 3.6 billion, however, monthly active platform consumers rose 17 per cent to 199 million. The company reported revenue of $13.20 billion, slightly below expectations of $13.33 billion, but adjusted earnings per share came in at $0.72, ahead of estimates of $0.71. Adjusted EBITDA rose 33 per cent to $2.48 billion, beating analyst expectations.
“Uber is off to an exceptional start in 2026, with gross bookings and non-GAAP EPS at or above the high end of our guidance, despite a complex macro backdrop marked by weather disruptions, geopolitical tensions, and gas price volatility,” CEO Dara Khosrowshahi said.
Investors cheer strong guidance
Investor confidence also got a boost from Uber’s strong outlook for the second quarter. The company expects gross bookings between $56.25 billion and $57.75 billion in Q2, representing growth of up to 22 per cent year-on-year. Uber also projected adjusted earnings per share between $0.78 and $0.82, with adjusted EBITDA expected between $2.7 billion and $2.8 billion.
Delivery and mobility businesses stay strong
Uber’s delivery business was the company’s fastest-growing segment during the quarter. Gross bookings in the delivery unit rose 28 per cent to $25.99 billion, however revenue climbed 34.2 per cent to $5.07 billion, beating market expectations.
Its mobility business, which remains Uber’s biggest segment, also showed strong growth. Gross bookings rose 25 per cent to $26.39 billion, however revenue increased 5 per cent to $6.8 billion. Uber Freight also returned to growth for the first time in nearly two years, with bookings rising 6 per cent to $1.33 billion. The company said international markets and strong delivery demand helped support growth. Uber also said it now has more than 10 million drivers and couriers globally, with active drivers up 21 per cent from a year ago.
Focus on premium travel and AI
Uber is also expanding its premium and travel-focused offerings to attract higher-spending customers. “We’re already seeing strong momentum in premium, with Uber for Business (U4B) growing more than twice as fast as Mobility overall, as we continue to lead in corporate travel globally. Building on this, we introduced Uber Elite, our most elevated ride experience to date, designed for executives and frequent travelers,” Khosrowshahi said.
The company recently launched hotel booking inside the Uber app through a partnership with Expedia Group. The feature gives users access to more than 700,000 hotels globally, while Uber One members can earn rewards and discounts. Uber has also added AI-powered voice booking using OpenAI’s ChatGPT technology. “These innovations are designed to deepen the everyday utility of our services and to build engagement and loyalty,” Khosrowshahi said.
Big push into robotaxis
Uber is also increasing its focus on autonomous vehicles and robotaxi services. The company launched Uber Autonomous Solutions, a new business unit aimed at helping partners build self-driving vehicle fleets on Uber’s network. Uber expanded its partnership with Lucid Group and plans to use Lucid electric vehicles along with autonomous driving software from Nuro for its robotaxi network.
The company and its partners also plan to buy thousands of robotaxis from Rivian Automotive, with operations expected to begin in cities like San Francisco and Miami in 2028. Uber said it aims to offer robotaxi services in 15 cities worldwide by the end of the year. “Obviously, we continue to expand the number of partners that we have and our partnerships are very, very broad … and we think they’ll continue to broaden,” Khosrowshahi told investors. “The blockers are that we just need more cars on the road,” he added.
Disclaimer: This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to buy or sell securities. Investors must conduct their own independent due diligence and seek advice from a registered financial advisor in the respective jurisdiction.