Uber Records 29 Percent Jump in Quarterly Revenues With Much Higher Gross Bookings Amid Rising Demand
Uber shares rocketed higher early Tuesday after the ride-hailing and delivery company reported a jump in revenues amid rising demand.
Pointing to robust activity in numerous markets, the company reported a 29 percent jump in first-quarter revenues to $8.8 billion (roughly Rs. 72,000 crore), with much higher gross bookings in both mobility and delivery.
Uber reported a loss of $157 million (roughly Rs. 1,300 crore). That translated into a loss of eight cents per share, a penny better than analyst expectations.Tech Industry Lets Misinformation 'Deluge' Drown Out Reliable News: RSF
Chief Executive Dara Khosrowshahi said the company is working to reach profitability by "optimizing every single line item" across its business, according to prepared remarks.
Gross bookings and trips growth exceeded typical seasonal trends in the United States, Canada and Latin America, Khosrowshahi said.
He said "cutting edge" artificial intelligence programs have allowed for more precise estimated arrival times and faster onboarding times.Why ChatGPT Is the Start of Online Education, Not the End
"We are still in the early stages of using large data models to power improved user experiences and efficiencies across our platforms, with much more to come," he said.
Uber is also investing in delivery of items such as groceries and alcohol as a growth venture.
The company expects headcount to be "flat to down through the coming quarters" as it seeks to rein in costs.AMD Shares Sink After Missing Quarterly Sales Estimate Amid Weak PC Market
Shares rose 5.8 percent to $34.63 (roughly Rs. 2,800) in early trading.
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Wednesday, May 3, 2023 at 8:49 am