Uber Technologies stock approaches record highs following a 40% year-to-date rally. The company's first quarter earnings report is due tomorrow morning and will test the strength of this recent advance.
Analysts surveyed by FactSet anticipate Uber's revenue for the first quarter will reach $11.6 billion, representing a 15% increase compared to the same period in 2024. Earnings are projected at 51 cents per share, a shift from a 32 cent loss per share in the year-ago quarter.
FactSet forecasts suggest Uber's gross bookings value will grow 14.3% YOY to $43.05 billion. This includes expected ride bookings of $21.5 billion, up 15.2%, and food delivery bookings of $20.3 billion, a rise of 14.6%.
Market participants will monitor Uber's guidance for the current quarter, especially considering the influence of tariffs taking hold in April. Analysts project Q2 gross bookings will increase 14.6% to $45.77 billion and Adjusted EBITDA will reach $2.04 billion, according to FactSet.
The company's shares had slumped late last year amid concerns that autonomous vehicles from competitors like Waymo and Tesla could challenge its market position. This year, Uber has countered these fears by forming partnerships with AV developers to integrate robotaxis onto its platform.
These collaborations include a growing relationship with Waymo, which Waymo launched autonomous vehicles exclusively on Uber's app in Austin, Texas, in March. Uber is also partnered with Waymo in Phoenix, Arizona, with plans to launch in Atlanta, Georgia, soon.
Other recent partnerships involve China-based Pony AI and an expanded deal with China-based WeRide covering 15 international cities. Uber also announced it would offer robotaxis from May Mobility later this year, starting in Arlington, Texas. Further AV partners include Avride and Volkswagen, and Uber is working with Nvidia to help develop autonomous driving technologies.
DoorDash, a competitor in food delivery, told investors on Tuesday that consumer demand remains strong, though its Q1 results slightly missed analyst expectations. BofA Securities analyst Justin Post recently reiterated a buy call on Uber stock, stating he expects bookings to exceed current forecasts.
Uber stock closed at 85.831 in recent trading action on the stock market today. The shares have gained 41% year-to-date, outpacing the S&P 500's 4.6% year-to-date loss. Shares sit just below the previous high of 87 reached in October, before its slump in the last three months of 2024.
According to IBD Stock Checkup, Uber shares hold a Relative Strength rating of 93 out of a possible 99.
