Demand for Uber “remains strong,” and the company had a “solid start” to 2024, Uber CEO Dara Khosrowshahi said on a Wednesday earnings call.
“Our audience expanded by 15 percent, while frequency grew 6 percent underpinned by 7.1 million drivers and couriers on our platform,” Khosrowshahi added. “And just last week, we hit another best week ever for gross bookings.”
Uber Q1 Metrics
Uber first-quarter gross bookings were $37.7 billion, up 20 percent year over year. Mobility bookings were $18.7 billion, up 25 percent for the same period. Total revenue for the quarter was more than $10.1 billion, up 15 percent versus Q1 2023. Mobility revenue was more than $5.6 billion, up 30 percent from a year prior.
First-quarter net income was $172 million, compared with a loss of $262 million in Q1 2023.
The company reported nearly 2.6 billion trips in the quarter, up 21 percent versus Q1 2023. Monthly active platform consumers were 149 million, up 15 percent year over year.
Uber projects second-quarter gross bookings of $38.75 billion to $40.25 billion, which would represent 18 percent to 23 percent year-over-year growth on a constant-currency basis. The outlook assumes a 3 percentage-point currency headwind to total reported year-over-year growth, including a roughly 5 percentage-point headwind to mobility’s reported growth, according to the company.
