Uber Technologies on Tuesday reported an improved first-quarter performance compared with a year prior. Gross bookings were $31.4 billion, representing a 19 percent gain year over year. Mobility gross bookings were up 40 percent to $15 billion, with delivery gross bookings up 8 percent to $15 billion.
Quarterly revenue was up 29 percent to $8.8 billion versus just under $6.9 billion a year prior. Uber reported a net loss of $157 million versus a loss of $5.9 billion in Q1 2022. The number of trips increased 24 percent year over year to 2.1 million. Trip growth accelerated from last quarter’s 19 percent increase.
Monthly active platform consumers reached 130 million, a year-over-year increase of 13 percent, driven by continued improvement in consumer activity for the company’s mobility offerings, according to Uber.
During the quarter, Uber expanded the window to reserve rides to 90 days from 30 and increased the markets where Uber Reserve is available to “most of the U.S. and Canada.” The company also introduced Business Comfort in select cities for Uber for Business customers and in-app directions for how to get from airport gates to Uber pick-up areas.
“We’re innovating, and we’re adding a ton of new products and choices,” Uber CEO Dara Khosrowshahi said on a Tuesday earnings call. “Reserve is an example. About 20 percent now of our airport drop-off [rides are] reserve trips. Reserve has a combination of riders who used to use our on-demand marketplace now using Reserve to make sure that they’re kind of guaranteed availability or guaranteed a much higher reliability. But it’s also bringing new riders into the system … [and] travel is a strong use case with high average fares as well.”
