GoKawiilUber reported first-quarter revenue on Wednesday that missed estimates, but the ride-hailing giant issued bookings guidance for the current quarter that exceeded analysts' expectations.
The stock climbed 10% following the earnings release.
Here's how the company did versus Wall Street's expectations, according to estimates compiled by LSEG:
Earnings per share: 13 cents vs. 70 cents expected
13 cents vs. 70 cents expected Revenue: $13.2 billion vs. $13.29 billion expected
Uber said its net income took a $1.5 billion hit due to the revaluation of equity investments. On a non-GAAP basis, earnings per share came to 72 cents, the company said in its earnings release on Wednesday. Uber has equity investments in Didi and Grab , both based in Asia.
Because of the "pre-tax headwind" from the revaluations, net income fell to $263 million from $1.78 billion a year earlier. Revenue in the quarter increased 14% from $11.5 billion a year ago.
Uber's delivery segment, the fastest-growing part of the business, recorded 34% revenue growth to $5.07 billion from $3.78 billion in the same quarter last year. That topped the average analyst estimate of $4.89 billion, according to StreetAccount.
The company said delivery growth was strong in Australia, Japan, and the U.K.
The revenue miss was due to the performance of Uber's mobility, or ride-hailing, business. Sales rose 5% from a year earlier to $6.8 billion, while analysts had expected revenue of $7.11 billion, according to StreetAccount.