In the first quarter, Uber Technologies' revenue grew by 29%, bolstered by new services and a return of drivers.
The ride-hailing giant reported revenue of $8.8B, beating Wall Street estimates. Its $31.4B in gross bookings, or the total amount of money paid by customers for Uber's services, represented a 19% increase year-over-year.
- When adjusted for currency effects, Uber's Q1 2023 revenue was up 33% YoY.
- Uber's mobility segment, which covers ride-hailing, saw gross bookings rise by 43% for the quarter.
- Delivery gross bookings were up 12%, while those in the smaller freight division were down 23%.
- Unlike other tech companies, Uber has not announced significant layoffs this year. During the pandemic, it cut more than 6,700 positions after its ride-hailing business fell 80%.
- Lyft recently announced layoffs of 1,072 employees, or 26% of its corporate workforce, as part of a restructuring effort under new CEO David Risher.
- The company is set to report its financial results on Thursday