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Uber Technologies Uber.N has planned for the second quarter an adjusted basic profit and raw reservations much higher than Wall Street expectations on Wednesday, indicating resilient demand for its carpooling and food delivery services.
The company expects raw reservations to be between $ 45.75 billion and $ 47.25 billion for the current quarter. This figure is to be compared to the expectations of Wall Street which was tapped on $ 45.83 billion.
Shuttle services have remained stable because the resumption of business trips and the more strict application of the return to office policies stimulated intra-urban trips, journeys to airports and travel in the main destinations.
In February, Uber launched its “Price Lock Pass”, a monthly subscription of 2.99 dollars offering constant prices on designated routes, in order to attract shutowers concerned with their budget, in competition with a similar function offered by Lyft Lyft.O.
Total turnover increased by 14% to $ 11.53 billion in the first quarter, slightly below the expectations of analysts who tabed on $ 11.62 billion, according to data compiled by LSEG.
The turnover of the delivery activity jumped by around 18 %, in accordance with the expectations of analysts, while it increased by 15 % in the public transport unit. Sales of its freight transport division fell by around 2 %.
Uber expects the growth of raw reservations in the second quarter to be slowed down by 1.5 % due to the key rates, and that its mobility segment is subjected to a greater 3 % impact, because a stronger US dollar reduces the value of income from international markets.
The company provides for an adjusted profit before interest, taxes, depreciation and damping for the second quarter – a profitability indicator very monitored by investors – between 2.02 and 2.12 billion dollars. Analysts awaited $ 2.04 billion.
Uber intensifies its efforts in the field of autonomous driving, by deepening its partnership with Waymo d’Alphabet and by establishing new collaborations with Taxis-Robots startups such as Weride, Pony AI and Avride.
Uber’s action has climbed approximately 42 % this year, making it one of the 10 highest increases in the S&P 500 reference index, while its smaller rival, Lyft, remained stable during the same period.
