Uber's Q1 Performance Gets 5 Star Rating, Zooms Past Expectations, MAUs Touch 130M

Uber Technologies, Inc UBER reported first-quarter FY23 revenue growth of 29% year-on-year to $8.82 billion, beating the consensus of $8.72 billion. 

Revenue from Mobility grew to $4.33 billion (+72% Y/Y), Delivery was $3.09 billion (+23% Y/Y), and Freight at $1.40 billion (-23% Y/Y).

Gross Bookings grew 19% Y/Y to $31.4 billion, with Mobility Gross Bookings of $15 billion (+40% Y/Y), Delivery Gross Bookings of $15 billion (+8% Y/Y), and Freight Gross Bookings of $1.40 billion (-23% Y/Y). 

Trips grew 24% Y/Y to 2.1 billion, or 24 million per day. 

Uber's Monthly Active Platform Consumers reached 130 million, up 13% Y/Y.

Margins: Uber clocked an Adjusted EBITDA of $761 million, driven by Mobility.

Uber's Adjusted EBITDA margin as a percentage of Gross Bookings was 2.4%, up from 0.6% in Q1 FY22. 

Uber's EPS loss of $(0.08) beat the consensus loss of $(0.09). 

Uber held $4.2 billion in cash and equivalents and generated $549 million in free cash flow.

"We significantly accelerated Q1 trip growth to 24% from 19% last quarter, with Mobility trip growth of 32%, as a result of improved earner and consumer engagement," said Dara Khosrowshahi, CEO. "Looking ahead, we are focused on extending our product, scale and platform advantages to sustain market-leading top and bottom-line growth beyond 2023."

Outlook: Uber expects Q2 Gross Bookings of $33.0 billion - $34.0 billion and Adjusted EBITDA of $800 million - $850 million. 

Price Action: UBER shares traded higher by 8.55% at $35.55 premarket on the last check Tuesday.

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