Uber Technologies posted a first‑quarter profit of $263 million, up from $1.78 billion a year earlier, as ride‑hailing trips surged 20%. The company’s revenue and gross bookings climbed, driven by a growing base of active users amid a rough macro backdrop of higher gas prices and geopolitical tension in 2024.

CEO Dara Khosrowshahi explained that the gains came against a volatile backdrop, citing rising fuel costs and unpredictable weather. Adjusted earnings per share, after stripping one‑time items, rose to 72 cents, beating FactSet’s 69‑cent forecast for investors and analysts seeking clarity in the quarterly picture that shows resilience.

The quarter also recorded a $1.5 billion net headwind from revaluations of Uber’s equity investments, which lowered reported earnings but did not dent the underlying growth momentum. Gross bookings hit a new high, reflecting sustained demand in key markets across the U.S. and Europe, fueling the company’s trip volume.

With trip volume up 20% year over year, Uber’s market share in the U.S. rideshare segment grew by 3 percentage points, reinforcing its competitive edge. The results suggest that despite external pressures, the platform’s core business remains profitable and resilient for long‑term shareholders, keeping the company in a strong growth trajectory.