Uber had an epic Q1 as mobility solutions revenue jumped

Uber (NYSE: UBER) had a strong quarter as demand for its ride-hailing and food-delivery services jumped. The company’s gross bookings soared by 19% in the first quarter to $31.4 billion. This happened even as fears of a recession and weak demand continued.

In a statement, Uber said that its mobility bookings jumped to $15 billion, 40% above where it was in the same quarter in 2022. Delivery gross bookings rose by just 8% as trips rose by 24% in the first quarter. In all, the company’s revenue soared to $8 billion while its loss came in at $157 million. The CFO said:

Uber has emerged as one of the best-performing ride-hailing companies this year because of its global reach and its food delivery services. It also has a strong market share in key countries like the United States, where its primary competitor is Lyft.

Uber stock price has outperformed

Uber stock price has jumped by 32% this year, which is better than other companies. Didi, which focuses on China, has seen its shares jump by 21% while Grab stock has dropped by 8.70%. Lyft stock price has dropped by over 3.90% this year. 

Most analysts believe that Uber stock price has more upside. The quant rating for the stock based on Wall Street and SeekingAlpha analysts is a strong buy. It has the momentum and most analysts believe that the company will continue doing well.

Analysts expect that Uber’s revenue will jump to $56.1 billion in 2026 and to over $91.7 billion in 2032. It is also expected to turn positive in the near term, with EPS set to jump to $6.70 by 2032. It EPS is set to become positive in the fourth quarter.