Uber’s first quarter revenue beat expectations, sending its shares soaring. The company reported a revenue of $3.54 billion, up 14% from the same period last year. Analysts had expected revenue of $3.51 billion.
The strong performance was driven by the company’s core ride-hailing business, which saw revenue grow by 10% year-over-year. The company also saw growth in its food delivery, freight, and other businesses.
The strong performance was seen as a sign that Uber’s turnaround plan is working. The company has been focusing on improving its core ride-hailing business, while also expanding into new markets and services.
Experts Weigh In On Uber’s Q1 Performance
Analysts are optimistic about Uber’s future prospects. “The company is making good progress on its turnaround plan,” said one analyst. “They are becoming more efficient and expanding into new markets and services, which should help them continue to grow.”
“The strong first quarter performance is a good sign for the company,” said another analyst. “It shows that the company is on track to meet its full-year guidance and that the turnaround plan is working.”
Uber’s shares jumped more than 10% in after-hours trading following the release of the first-quarter results. The company is now valued at more than $80 billion.
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