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Uber Stock Surges on Record Bookings
6 May
Summary
- Uber's Q1 adjusted earnings per share hit $0.72, up 44% year-over-year.
- Platform gross bookings reached $53.72 billion, a 21% increase.
- Second-quarter guidance exceeded analyst expectations for bookings and earnings.
Uber shares experienced a significant rally, jumping nearly 9% following the company's first-quarter 2026 earnings report. The ride-hailing giant exceeded Wall Street expectations on key metrics, reigniting confidence in its growth narrative. Adjusted earnings per share reached $0.72, marking a 44% increase from the previous year and surpassing analyst consensus.
Platform gross bookings achieved a record $53.72 billion in Q1, a 21% year-over-year jump that also exceeded Uber's internal guidance. This robust performance, coupled with strong adjusted EBITDA growth of 33% to $2.48 billion, underscored the resilience of Uber's ecosystem across mobility, delivery, and freight.
The company's positive outlook for the second quarter further bolstered investor sentiment. Uber projected gross bookings between $56.25 billion and $57.75 billion and adjusted earnings per share between $0.78 and $0.82, both ahead of expectations. This forward-looking guidance indicates management's confidence in sustained growth.
Uber's strategy in autonomous driving also captured attention, with an increased focus on partnerships rather than solely internal development. The company announced 10 new or expanded autonomous vehicle collaborations, signaling a flexible approach to future transportation networks. These positive developments have led to a re-evaluation of Uber's valuation by investors.
