Uber seems to purchase the turmoil of the global economy, despite the fears that consumers are crossing journeys and deliveries.
The company said on Wednesday that it had $ 11.5 billion in income in the most recent quarter, an increase of 14 percent compared to a year earlier and slightly below the expectations of Wall Street Investors. The total bookings also grew by 14 percent to $ 42.8 billion, which was in line with expectations.
Investors are eager to see how President Trump's last rates can influence Uber's growth. Although the direct company of the company has little exposure to rates, an impeded economy can make customers less willing to spend on journeys and deliveries.
But Uber predicted that his bookings in the current quarter would rise by 16 to 20 percent, which was higher than Wall Street estimates of 14 percent. In a statement, Dara Khosrowshahi, the Chief Executive of Uber, said that against “a dizzying background of headlines on trade and economic policy”, the start of the company until the year was still strong.
“The categories in which we work – these are restaurants, transport, supermarket – are usually categories that are quite consistent, even during periods of macro uncertainty,” Mr. Khosrowshahi told investors on a call.
Uber's share price fell no less than 5 percent in the hours after the report.
Uber's profit for the quarter was $ 1.8 billion, an improvement compared to the first quarterly loss of $ 654 million last year, which was awarded a hit of $ 721 million of revaluations of his investments.
Uber has also announced a handful of new autonomous vehicle partnerships in the first four months of the year, all part of the larger strategy of the company to cooperate the growth of robot -tax mate companies that could be seen as his competitors.
In March Uber started an exclusive partnership in Austin, Texas, with the autonomous vehicle company Waymo, and the scheme will soon expand to Atlanta. From May Uber had 18 active autonomous vehicle partnerships.
Yet Peperden Investors Mr. Khosrowshahi about the win call with questions about the market share of Uber in cities in which Waymo operated.
“In terms of San Francisco and LA, the competitive environment is quite stable,” Mr. Khosrowshahi told investors. “We don't see any change there.”
While Ride-Hailing is still good for the majority of Uber's profit, the company grew by 15 percent grew the food delivery of the company. The company has also spent $ 700 million to acquire an interest of 85 percent in Trendyol Go, a Turkish food and supermarket platform, on Tuesday.
And Uber saw some lighting of rising car insurance costs, which were overtaken in the profit of his drivers. The company grew its short-term and long-term insurance reserves in the last quarter compared to a year earlier.
The company has also worked on promoting legislation in Georgia, Texas and Nevada that will lower insurance rates, Mr. Khosrowshahi told investors during the call.
