Uber Q1 2023 earnings: stock pops as daily trips surge 24% YOY to 24 million rides a day

Uber has just released its Q1 results for 2023 and they show that some verticals have more gas in the tank than others. While total gross bookings were up 19% year-over-year, Uber’s rideshare segment accelerated much faster than its delivery segment.



So far, the market has reacted positively to Uber’s Q1 2023 results. As of the time of this writing, Uber stock is up over 8% to $35.45 per share.



Here are the main highlights from Uber’s Q1 2023:



Revenue : $8.9 billion (up 19% YOY)  Monthly Active Platform Consumers : 130 million (up 13% YOY) Total trips : 2.12 billion (up 24% YOY) Gross mobility bookings revenue : $14.9 billion (up 40% YOY) Gross delivery bookings revenue : $15 billion (up 8% YOY)



What’s most interesting about the above figures is they show that while Uber’s gross mobility bookings (rideshare trips) and gross delivery bookings (Uber Eats) brought in around $15 billion each during the quarter, mobility bookings surged 40% during Q1 while delivery bookings were only up 8%.



What that suggests is that as the pandemic appears to be in the rearview mirror in most people’s minds, they are likely more comfortable taking rideshares again. Conversely, as fears of the pandemic fade, people are also more likely to feel safer eating out, resulting in less need for services like Uber Eats. In other words, fewer apprehensions about the pandemic are both good and bad for Uber. Rideshares continue to surge while the growth of food delivery services like Uber Eats continues to abate.



“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,” Uber CEO Dara Khosrowshahi said in prepared remarks. “Looking ahead, we are focused on extending our product, scale, and platform advantages to sustain market-leading top and bottom-line growth beyond 2023.”



For the current Q2 2023 quarter, Uber is forecasting gross bookings revenue between $33 billion and $34 billion, and an adjusted EBITDA of between $800 million and $850 million.