Uber’s 1Q25 Earnings Miss, But Trip Volume Soars 18% YoY

Uber Technologies reported 1Q25 earnings that fell short of revenue expectations, driven by slowing growth in its core ride-hailing segment in the United States. Despite this, the company posted earnings per share (EPS) of 83-cents, well above the 50 cents analysts had expected, and expressed confidence in future performance through increased international activity, expanded delivery services, and new autonomous vehicle partnerships.

Revenue for the quarter rose 14% year-over-year to US$11.5 billion, below the US$11.6 billion expected by analysts surveyed by LSEG. Gross bookings increased across major business lines, with mobility bookings up 13% to US$21.1 billion and delivery up 15% to US$20.3 billion. The company completed approximately 3.04 billion trips during the quarter, an 18% increase from the same period last year.

“Our company is executing really well, but we need to be at our top of our game and that means people working together in the office,” said Dara Khosrowshahi, CEO, UBER Technologies, in a CNBC interview, addressing recent internal policy changes. These changes include requiring employees to work in the office at least three days a week and adjusting the paid sabbatical program, which is now available after eight years of employment instead of five.

Net income for the quarter totaled approximately US$1.7 billion, reversing a net loss of US$654 million reported in 1Q24. “We saw a slightly higher mix of international trips, and that is a bit due to lower inbound US travel,” said Prashanth Mahendra-Rajah, CFO, UBER technologies, 

“The categories we operate in tend to be categories that are quite consistent, even during periods of macro uncertainty,” Khosrowshahi added during the earnings call.

In response to market pressures, Uber is expanding its international presence. Earlier this week, the company announced the acquisition of an 85% stake in Turkish food and grocery delivery platform Trendyol Go for US$700 million. Uber is also advancing its strategy in autonomous mobility and now collaborates with multiple autonomous vehicle (AV) developers, including Waymo, Volkswagen, Aurora, and Pony.AI.

Khosrowshahi described autonomous vehicles as “the single greatest opportunity ahead for Uber.” In March, the company began offering robotaxi rides in Austin, Texas, in partnership with Alphabet-owned Waymo. Khosrowshahi said the launch “exceeded expectations,” noting that the approximately 100 Waymo vehicles operating in the city are “busier than over 99% of all drivers” in Austin based on completed daily trips.

He added that Uber reached an annualized run-rate of 1.5 million AV trips and made five new AV-related announcements in the past week. Uber users in select US and international markets can now book rides or order deliveries via autonomous vehicles through the app. Partnerships with international AV developers include WeRide, Momenta, and Avride.

In terms of consumer base, Uber reported that its monthly active platform consumers rose to 170 million, a 14% increase year-over-year.