Uber misses revenue expectations with trips up 18% over last year

Uber reported first-quarter results Wednesday that beat analysts' expectations for earnings, but fell shy of anticipated revenue growth for the quarter. Shares fell about 5% following the report.

Here's how Uber did versus analysts' estimates compiled by LSEG:

• Earnings per share: 83 cents vs. 50 cents expected.
• Revenue: $11.53 billion vs. $11.62 billion expected.

Revenue at the ride-sharing company grew about 14% in the first three months of 2025, up from $10.13 billion during the same period in 2024.

The company also reported net income of around $1.78 billion or 83 cents per share during the first three months of 2025, up from a net loss of $654 million, or a loss of 32-cent loss per share, during the first quarter of 2024.

Uber CEO Dara Khosrowshahi and CFO ‭Prashanth Mahendra-Rajah said they expect gross bookings to reach between $45.75 billion and $47.25 billion during the current quarter, with EBITDA in the range of $2.02 billion to $2.12 billion for that period.

In April, the Federal Trade Commission sued Uber and accused the company of "deceptive billing and cancellation practices" around its subscription service called Uber One.

"It's a bit of a head-scratcher for us," Khosrowshahi told CNBC's "Squawk Box" on Wednesday.

He said 60% of the company's gross bookings in its Uber Eats business come from Uber One members, and that the subscription service is growing quickly.

"The suit alleges that some people don't realize that they're signing up or cancellations are difficult, but I'd encourage you to go experience it yourself," Khosrowshahi said. "It's very, very simple. You take a couple of steps to be able to cancel if you want."

Uber's largest business segments, which include its ride-hailing business and food and grocery delivery service, saw bookings increase year-over-year.

Here are the key segment numbers:

• Mobility (gross bookings): $21.18 billion, up 13% year over year
• Delivery (gross bookings): $20.38 billion, up 15% year over year

The company also said its "monthly active platform consumers," had grown to 170 million, up 14% from the first quarter of last year. Users booked around 3.04 billion "trips" during the first quarter of 2025, up 18% from the first quarter of 2024.

Khosrowshahi also said the company views autonomous vehicles, or AV technology, as "the single greatest opportunity ahead for Uber."

Uber allows app users to book robotaxi rides in some U.S. markets, or order food for delivery via autonomous vehicle in others.

Khosrowshahi said Uber reached an "annual run-rate" of 1.5 million autonomous vehicle trips.

In March, the company began to offer users in Austin, Texas the option to hail a robotaxi from its partner, Alphabet-owned Waymo exclusively via the Uber platform.

Khosrowshahi said the Waymo Austin launch "exceeded" Uber's expectations and around 100 Waymo vehicles operating in Austin are now‬‭ "busier than over 99% of all drivers" in Austin as far as completed trips per day.

Besides its Waymo partnership, Uber has also agreed to work with Volkswagen, Avride, May Mobility, and the autonomous trucking company Aurora for autonomous ride-hailing and freight services in the U.S. Uber has additional partnerships with AV companies internationally including with WeRide, Pony.AI and Momenta.

"Supported by the consistent strength of our core business, we continue to build towards the future, including five new autonomous vehicle announcements in just the last week," Khosrowshahi said in a release.

Executives are scheduled to discuss Uber's first-quarter results and plans during an earnings call Wednesday at 8:00 a.m. EDT.