Uber posted first‑quarter revenue of $13.2bn, a shade under analysts’ $13.3bn forecast, as its mobility arm felt the strain of Iranian attacks in Saudi Arabia and the UAE. Strong food‑delivery performance cushioned the miss, while the Uber One loyalty scheme topped 50mn members in April, underscoring the push for paid subscriptions. The slowdown highlighted the fragility of ride‑hailing revenue in conflict zones.

A UK tax reform that re‑characterises Uber as an agent rather than a merchant shaved roughly $1bn from quarterly revenue and will recur each quarter, CFO Balaji Krishnamurthy says it is a pure accounting shift. Net profit settled at $263mn, dragged by a $1.5bn equity‑investment headwind, yet gross bookings jumped 25% YoY to $53.7bn and operating profit hit $1.9bn, which could affect future margins.

For Q2, Uber projected adjusted earnings of $2.7‑$2.8bn, topping the $2.66bn consensus, and CEO Dara Khosrowshahi pointed to balanced growth across mobility and delivery despite volatile fuel prices and geopolitical risk. The firm deepened its super‑app ambitions with an Expedia partnership and pledged more than $10bn to roll out autonomous‑vehicle fleets this year. Investors will watch whether the super‑app model can sustain profitability competition intensifies.