A 40% year-to-date rally has put Uber Technologies stock just below a return to record highs. First quarter earnings due tomorrow morning from the ride-hail and food-delivery company will test that rally, however.
Uber stock slumped late last year, driven by fears that autonomous vehicles from Waymo and (eventually) Tesla will chip away at Uber's dominance in the market for hailing rides by app. This year, Uber has moved rapidly to answer those concerns by partnering with AV developers to add robotaxis to its app. That includes a growing partnership with the Google-backed Waymo.
Meanwhile, some on Wall Street also expect demand for Uber's rides and deliveries could prove resilient to a recession.
Here are the numbers to watch for Uber's first-quarter report tomorrow:
Uber Q1 By The Numbers
Analysts polled by FactSet expect Uber's revenue will grow 15% year-over-year to $11.6 billion. Earnings are projected to reach 51 cents per share, compared against a 32 cent loss for the same March-ended period in 2024.
Uber's gross bookings value is forecast to grow 14.3% year-over-year to $43.05 billion, according to FactSet. That's led by bookings for rides, which analysts forecast will grow 15.2% to $21.5 billion. Food delivery total bookings are projected to grow 14.6% to $20.3 billion.
With President Donald Trump's tariffs taking hold in April, Uber's guidance for the current quarter will be closely watched. Uber typically provides guidance for gross bookings and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization).
Analysts are currently projecting Uber's gross bookings will grow 14.6% to $45.77 billion for the June quarter, according to FactSet. Adjusted EBITDA is forecast to reach $2.04 billion.
DoorDash told investors on Tuesday morning that consumer demand "remains strong," though the food-delivery rival to Uber slightly missed Q1 earnings expectations.
BofA Securities analyst Justin Post on Monday reiterated a buy call for Uber stock. He wrote that he expects the company's bookings will come in stronger than current Wall Street forecasts.
"We continue to see the gig economy group as well positioned for tariff uncertainty, and Uber as a top pick in 2025 as we expect sentiment on Uber's positioning in the AV ecosystem to improve," Post added.
Robotaxi Watch For Uber Stock
Post added that he expects "positive call commentary" from Uber regarding its partnership with Waymo in Austin. Waymo launched autonomous vehicles in the Texas capital city in early March, exclusively on Uber's app. Uber is also partnered with Waymo in Phoenix, with an Atlanta partnership launching soon.
Beyond the Waymo deal, the steady expansion of Uber's robotaxi pipeline has helped boost its stock this year.
Just in the past 24 hours, the company said it was partnering with China-based Pony AI to deploy the company's robotaxis on the Uber app, while also expanding an existing partnership with China-based AV developer WeRide to 15 more cities outside the U.S. and China.
Last week, Uber announced it would offer robotaxis from Michigan-based AV developer May Mobility on its app later this year, starting with Arlington, Texas.
Other robotaxi partners include Avride, part of Nebius Group, and Volkswagen. Plus, Uber is working with Nvidia to help develop autonomous driving technologies.
Uber Stock Near Entry
Uber stock gained a fraction to close at 85.83 on the stock market today.
Shares of the ride-hail firm are ahead 41% overall this year, compared to a 4.6% year-to-date loss for the S&P 500. Uber stock has climbed back to hover just below all-time high of 87 that shares reached in October, before its slump in the final three months of 2024.
Shares have formed a consolidation pattern with a buy point at Uber's previous high-water mark of 87, according to IBD Market Surge.
Uber shares have a Relative Strength rating of 93 out of a best-possible 99, according to IBD Stock Checkup.
