Uber Misses Q1 Revenue Target Amid Slower U.S. Travel, Leans on Global Growth and Robotaxis

Uber Technologies (UBER.N) reported Q1 revenue of $11.53 billion, slightly below analyst expectations of $11.62 billion, with its core ride-hailing business posting its slowest growth since the pandemic, due largely to weakened U.S. travel demand. Despite the miss, Uber struck an optimistic tone with above-estimate forecasts for Q2, pointing to international expansion and autonomous vehicle partnerships as key growth drivers.

“The categories we operate in … tend to be quite consistent, even during macro uncertainty,” CEO Dara Khosrowshahi told analysts.

Key Financial Highlights:

• Total revenue: $11.53B (vs. $11.62B expected)

• Ride-hailing revenue growth: +15% (slower than past quarters)

• Delivery revenue growth: +18% (in line with forecasts)

• Q2 gross bookings guidance: $45.75B–$47.25B (vs. $45.83B expected)

• Q2 adjusted EBITDA: $2.02B–$2.12B (vs. $2.04B expected)

CFO Prashanth Mahendra-Rajah cited a “slightly higher mix of international trips” and “lower inbound U.S. travel” as key factors behind the slowdown. Broader foreign spending on U.S. travel dropped sharply in March, reinforcing a trend echoed by Airbnb.

Strategic Moves to Offset U.S. Softness:

• 85% stake acquisition of Trendyol Go (Turkey) for $700M

• Partnership with China’s Pony AI for robotaxi deployment

• Robotaxi service with Waymo in Austin showing high usage and scaling plans

Despite the revenue miss, Uber’s stock, which is up 42% year-to-date, fell only ~1% by market close after dipping 6% in early trading.

“We see the miss as immaterial, and as such, believe the stock will recover,” said Jamie Meyers, senior analyst at Laffer Tengler Investments.

Uber’s positioning in delivery, mobility, and autonomous vehicles continues to insulate it from domestic travel headwinds, with international markets and automation partnerships paving the way for sustained long-term growth.