Uber appears to be empowering through the global economy, despite fears that consumers are letting vehicles and delivery escape.
The company said Wednesday it had revenue of $11.5 billion in the most recent quarter. This is a 14% increase from the previous year, slightly below Wall Street investors' expectations. Its total bookings also rose 14% to $42.8 billion, which was in line with expectations.
Investors want to see how President Trump's latest tariffs will affect Uber's growth. The company's direct business is barely exposed to customs duties, but the hampered economy could make customers less willing to spend on rides and delivery.
However, Uber predicts bookings will increase by 16-20% in the current quarter, which is higher than Wall Street's estimated 14%. In a statement, Uber CEO Dara Khosrowshahi said the company's start of the year is still strong, despite “a spectacular backdrop of headlines on trade and economic policy.”
Uber's profit for the quarter was $1.8 billion, an improvement from a loss of $654 million in the first quarter last year, due to a $721 million hit due to a revaluation of the investment.
Uber also announced several new self-driving car partnerships in the first four months of the year. This is part of the company's larger strategy to adopt the growth of robot taxi companies that are considered competitors.
In March, Uber launched an exclusive partnership in Austin, Texas, and will arrive in Atlanta in the near future, along with autonomous automotive company Waymo. As of May, Uber had 18 active self-driving car partnerships.
The rides still account for the majority of Uber's profits, but the company's food delivery business has grown by 15%. The company also spent $700 million on Tuesday to acquire an 85% stake in Trendyol GO, a Turkish cuisine and grocery platform.
And Uber saw some easing from rising car insurance costs that reduced driver revenue. The company expanded its short-term and long-term insurance reserves over the last quarter compared to the previous year.
