Uber Technologies Inc (UBER) Q1 2024 Earnings Report

Uber Technologies Inc (UBER) delivered a strong performance in Q1 2024, reporting revenue of $10.13 billion, reflecting a year-over-year growth of 14.82% and a quarter-over-quarter increase of 1.96%. The company experienced a remarkable rise in gross bookings, largely driven by a 21% increase in trips and a 15% growth in its audience base. Despite these positive metrics, net income fell to -$654 million, representing a substantial year-over-year decrease of 316.56%. Management emphasized the ongoing challenges posed by regulatory pressures and competition while highlighting their operational efficiency and solid free cash flow of $1.4 billion, alongside expectations for continued growth into Q2 2024.