missed first-quarter revenue estimates on Wednesday, but forecast current-quarter gross bookings above Wall Street expectations, indicating resilient demand for its ride-hailing and food delivery services.
Shares of the San Francisco-based company fell more than 6per cent in choppy premarket trading.
Total revenue rose 14per cent to $11.53 billion in the first quarter, slightly below analysts' expectations of $11.62 billion, according to data compiled by LSEG.
Ride-hailing demand has remained resilient as a rebound in business travel and stricter enforcement of return to office policies boost intra-city commuting, airport trips and travel within key destinations.
In February, Uber launched its Price Lock Pass, a $2.99 monthly subscription offering consistent fares on designated routes, to attract budget-conscious commuters, competing with a similar feature offered by Lyft.
Uber expects gross bookings to be between $45.75 billion and $47.25 billion for the current quarter. This compared with Wall Street expectations of $45.83 billion.
Delivery business revenue jumped about 18%, in line with Street expectations, while it rose 15per cent in the ride-hailing unit. Sales in its freight division slipped about 2%.
Uber anticipates a 1.5per cent currency-related drag on second-quarter gross bookings growth, with its Mobility segment facing a steeper 3per cent impact, as a stronger U.S. dollar reduces the value of earnings from international markets.
The company forecast second-quarter adjusted earnings before interest, taxes, depreciation and amortization - a profitability metric keenly watched by investors - between $2.02 billion and $2.12 billion. Analysts were expecting $2.04 billion.
Uber is intensifying its push into autonomous driving, deepening its partnership with Alphabet's Waymo and forging new collaborations with robotaxi startups like WeRide, Pony AI and Avride.
Uber's stock has soared roughly 42per cent this year, making it among the top 10 gainers in the benchmark S&P 500 index, while smaller rival Lyft is flat during the same period.
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