Uber shares surge after Q1 earnings beat and strong bookings growth

Uber (NYSE:UBER) rose sharply in premarket trading on Wednesday after the transportation and delivery platform reported first-quarter earnings that exceeded Wall Street expectations.

The company posted earnings per share of $0.72, ahead of analyst forecasts of $0.70.

Revenue increased 10% year over year on a constant-currency basis to $13.2 billion, although the figure came in slightly below the Wall Street consensus estimate of $13.31 billion.

Uber reported a 21% increase in gross bookings on a constant-currency basis during the quarter.

Gross bookings, which measure total consumer spending across the company’s ride-hailing and delivery platform, remain one of the most closely watched indicators of demand and platform activity.

The strong growth highlighted continued momentum across Uber’s core businesses despite broader macroeconomic uncertainty.

Investors reacted positively to the earnings release, sending Uber shares more than 9% higher in premarket trading by 07:21 ET.

The rally reflected investor confidence in the company’s ongoing growth trajectory and solid operational performance during the quarter.