Uber Technologies, Inc. (UBER Quick QuoteUBER - Free Report) reported first-quarter 2023 loss of 8 cents per share, narrower than the Zacks Consensus Estimate of a loss of 10 cents. In first-quarter 2022, Uber reported a loss of $3.04 per share.

Total revenues of $8,823 million outperformed the Zacks Consensus Estimate of $8,697.5 million. The top line jumped 29% year over year.

In the reported quarter, the majority (49%) of the company’s revenues came from Mobility. Revenues from this segment jumped 72% year over year to $4,330 million. Revenues from the Delivery segment increased 23% year over year to $3,093 million. Freight revenues climbed to $1,400 million, down 23% from the year-ago period, due to lower revenue per load and volume and the challenging freight market cycle.

Total revenues soared 12% year over year to $5,132 million in the United States and Canada. While revenues increased 31% to $565 million in Latin America, the same skyrocketed 86% to $2,094 million in Europe, the Middle East and Africa. Revenues rose 41% to $1,032 million in the Asia-Pacific region. Monthly active platform consumers jumped 13% to 130 million. 

Uber Technologies, Inc. Price, Consensus and EPS Surprise

Uber Technologies, Inc. price-consensus-eps-surprise-chart | Uber Technologies, Inc. Quote

Adjusted EBITDA in the first quarter was $761 million compared with adjusted EBITDA of $168 million in the year-ago period.

Gross bookings from Mobility improved 40% to $14,981 million. Gross bookings from Delivery augmented 8% to $15,026 million. Gross bookings from Freight came in at $1,401 million in the first quarter, down 23% from the year-ago quarter. Total gross bookings ascended 19% to $31,408 million.

Uber exited the first quarter with cash and cash equivalents of $4,045 million compared with $4,208 million at the end of December 2022. Long-term debt, net of the current portion at the end of the reported quarter, was $9,257 million compared with $9,265 million at December 2022-end.

Operating cash flow came in at $606 million compared with $15 million in the year-ago quarter. The free cash flow was $549 million.

Q2 Guidance

For the second quarter of 2023, Uber expects gross bookings of $33 billion-$34 billion. The adjusted EBITDA is estimated to be $800 million-$850 million.

Zacks Rank & Stocks to Consider

Currently, Uber Technologies carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Better-ranked stocks in the broader Computer and Technology sector include Dropbox, Inc. (DBX Quick QuoteDBX - Free Report) and Alphabet Inc. (GOOG Quick QuoteGOOG - Free Report) ). While Dropbox carries a Zacks Rank #1 (Strong Buy), Alphabet has a Zacks Rank #2 (Buy).

Dropbox delivered an earnings surprise of 5.37%, on average, in the trailing four quarters.

Dropbox has an expected earnings growth rate of 8.26% for the current year.

Alphabet has an expected earnings growth rate of 18.2% for the current year.

Alphabet has a long-term expected growth rate of 14.5%.