Uber seems to go through a storm of the global economy, despite concerns that consumers will slip on rides and supplies.
The company said on Wednesday that in the last quarter it has revenues of $ 11.5 billion, which is 14 percent compared to the previous year and slightly below the expectation of investors on Wall Street. His overall reservation also increased by 14 percent to $ 42.8 billion, which was in line with expectations.
Investors eagerly saw how the last round of President Trump’s tariffs could affect Uber’s growth. While the company’s direct business has a small exhibition to tariffs, the braked economy could make customers less willing to spend on driving and supplies.
However, Uber predicted that his reservation would increase by 16 to 20 percent in the current quarter, which was higher than Wall Street estimates by 14 percent. In her statement, Dara Khosrowshahi, the CEO of Uber, said that the start of the company was still strong against the “dizzying background on business and economic policy”.
“The categories we operate – they are restaurants, transport, food – there are categories that are quite consistent even during the macro uncertainty period,” Mr. Khosrowshahi told investors at the challenge.
The Uber stock price dropped by up to 5 percent in hours after the report.
Uber’s profit for the quarter was $ 1.8 billion, which is an improvement in last year’s loss in the first quarter of $ 654 million, which attributed $ 721 million to his investment.
Uber also announced a handful of new autonomous partnerships of vehicles in the first four months of the year, all part of the larger strategy of the company that cooperated with the growth of robot taxi drivers that could be considered its competitors.
In March, Uber launched an exclusive partnership in Austin, Texas with an autonomous Waymo vehicle, and the arrangement will soon spread to Atlanta. Since May, Uber had 18 active autonomous partners of vehicles.
Nevertheless, investors peppered Mr. Khosrowshahi to call earnings with questions about Uber’s share in the Uber market in the cities where Waymo worked.
“As far as San Francisco and La is concerned, the competitive environment is quite stable,” Khosrowshahi said. “We don’t see any change there.”
While cycling still corresponds to most of Uber’s profits, the company’s grocery trade increased by 15 percent. The company also spent $ 700 million to obtain 85 percent of the trendyol Go, the Turkish platform and the food platform, on Tuesday.
And Uber saw some relief from rising car insurance costs that have decreased to earnings of their drivers. In the last quarter, the company has increased its short and long -term insurance reserves compared to the previous year.
The company also worked on promoting legislation in Georgia, Texas and Nevada, which will reduce insurance rates, said Mr. Khosrowshahi to investors at the call.
