Dara Khosrowshahi, CEO of Uber attends the 55th annual World Economic Forum (WEF) meeting in Davos, Switzerland, January 23, 2025.
Yves Herman | Reuters
Uber reported first-quarter results Wednesday that beat analysts’ expectations for earnings, but fell shy of anticipated revenue growth for the quarter. Shares fell about 5% following the report.
Here’s how Uber did versus analysts’ estimates compiled by LSEG:
Earnings per share: 83 cents vs. 50 cents expected.
Revenue: $11.53 billion vs. $11.62 billion expected.
Revenue at the ride-sharing company grew about 14% in the first three months of 2025, up from $10.13 billion during the same period in 2024.
The company also reported net income of around $1.78 billion or 83 cents per share during the first three months of 2025, up from a net loss of $654 million, or a loss of 32-cent loss per share, during the first quarter of 2024.
Uber CEO Dara Khosrowshahi and CFO Prashanth Mahendra-Rajah said they expect gross bookings to reach between $45.75 billion and $47.25 billion during the current quarter, with EBITDA in the range of $2.02 billion to $2.12 billion for that period.
In April, the Federal Trade Commission sued Uber and accused the company of “deceptive billing and cancellation practices” around its subscription service called Uber One.
“It’s a bit of a head-scratcher for us,” Khosrowshahi told CNBC’s “Squawk Box” on Wednesday.
He said 60% of the company’s gross bookings in its Uber Eats business come from Uber One members, and that the subscription service is growing quickly.
“The suit alleges that some people don’t realize that they’re signing up or cancellations are difficult, but I’d encourage you to go experience it yourself,” Khosrowshahi said. “It’s very, very simple. You take a couple of steps to be able to cancel if you want.”
Uber’s largest business segments, which include its ride-hailing business and food and grocery delivery service, saw bookings increase year-over-year.
Here are the key segment numbers:
Mobility (gross bookings): $21.18 billion, up 13% year over year
Delivery (gross bookings): $20.38 billion, up 15% year over year
The company also said its “monthly active platform consumers,” had grown to 170 million, up 14% from the first quarter of last year. Users booked around 3.04 billion “trips” during the first quarter of 2025, up 18% from the first quarter of 2024.
Khosrowshahi also said the company views autonomous vehicles, or AV technology, as “the single greatest opportunity ahead for Uber.”
Uber allows app users to book robotaxi rides in some U.S. markets, or order food for delivery via autonomous vehicle in others.
Khosrowshahi said Uber reached an “annual run-rate” of 1.5 million autonomous vehicle trips.
In March, the company began to offer users in Austin, Texas the option to hail a robotaxi from its partner, Alphabet-owned Waymo exclusively via the Uber platform.
Khosrowshahi said the Waymo Austin launch “exceeded” Uber’s expectations and around 100 Waymo vehicles operating in Austin are now “busier than over 99% of all drivers” in Austin as far as completed trips per day.
Besides its Waymo partnership, Uber has also agreed to work with Volkswagen, Avride, May Mobility, and the autonomous trucking company Aurora for autonomous ride-hailing and freight services in the U.S. Uber has additional partnerships with AV companies internationally including with WeRide, Pony.AI and Momenta.
“Supported by the consistent strength of our core business, we continue to build towards the future, including five new autonomous vehicle announcements in just the last week,” Khosrowshahi said in a release.
Executives are scheduled to discuss Uber’s first-quarter results and plans during an earnings call Wednesday at 8:00 a.m. EDT.
Paxton sued Google in 2022 for allegedly unlawfully tracking and collecting the private data of users.
The attorney general said the settlement, which covers allegations in two separate lawsuits against the search engine and app giant, dwarfed all past settlements by other states with Google for similar data privacy violations.
Google’s settlement comes nearly 10 months after Paxton obtained a $1.4 billion settlement for Texas from Meta, the parent company of Facebook and Instagram, to resolve claims of unauthorized use of biometric data by users of those popular social media platforms.
“In Texas, Big Tech is not above the law,” Paxton said in a statement on Friday.
“For years, Google secretly tracked people’s movements, private searches, and even their voiceprints and facial geometry through their products and services. I fought back and won,” said Paxton.
“This $1.375 billion settlement is a major win for Texans’ privacy and tells companies that they will pay for abusing our trust.”
Google spokesman Jose Castaneda said the company did not admit any wrongdoing or liability in the settlement, which involves allegations related to the Chrome browser’s incognito setting, disclosures related to location history on the Google Maps app, and biometric claims related to Google Photo.
Castaneda said Google does not have to make any changes to products in connection with the settlement and that all of the policy changes that the company made in connection with the allegations were previously announced or implemented.
“This settles a raft of old claims, many of which have already been resolved elsewhere, concerning product policies we have long since changed,” Castaneda said.
“We are pleased to put them behind us, and we will continue to build robust privacy controls into our services.”
Virtual care company Omada Health filed for an IPO on Friday, the latest digital health company that’s signaled its intent to hit the public markets despite a turbulent economy.
Founded in 2012, Omada offers virtual care programs to support patients with chronic conditions like prediabetes, diabetes and hypertension. The company describes its approach as a “between-visit care model” that is complementary to the broader health-care ecosystem, according to its prospectus.
Revenue increased 57% in the first quarter to $55 million, up from $35.1 million during the same period last year, the filing said. The San Francisco-based company generated $169.8 million in revenue during 2024, up 38% from $122.8 million the previous year.
Omada’s net loss narrowed to $9.4 million during its first quarter from $19 million during the same period last year. It reported a net loss of $47.1 million in 2024, compared to a $67.5 million net loss during 2023.
The IPO market has been largely dormant across the tech sector for the past three years, and within digital health, it’s been almost completely dead. After President Donald Trump announced a sweeping tariff policy that plunged U.S. markets into turmoil last month, taking a company public is an even riskier endeavor. Online lender Klarna delayed its long-anticipated IPO, as did ticket marketplace StubHub.
But Omada Health isn’t the first digital health company to file for its public market debut this year. Virtual physical therapy startup Hinge Health filed its prospectus in March, and provided an update with its first-quarter earnings on Monday, a signal to investors that it’s looking to forge ahead.
Omada contracts with employers, and the company said it works with more than 2,000 customers and supports 679,000 members as of March 31. More than 156 million Americans suffer from at least one chronic condition, so there is a significant market opportunity, according to the company’s filing.
In 2022, Omada announced a $192 million funding round that pushed its valuation above $1 billion. U.S. Venture Partners, Andreessen Horowitz and Fidelity’s FMR LLC are the largest outside shareholders in the company, each owning between 9% and 10% of the stock.
“To our prospective shareholders, thank you for learning more about Omada. I invite you join our journey,” Omada co-founder and CEO Sean Duffy said in the filing. “In front of us is a unique chance to build a promising and successful business while truly changing lives.”
Liz Reid, vice president, search, Google speaks during an event in New Delhi on December 19, 2022.
Sajjad Hussain | AFP | Getty Images
Testimony in Google‘s antitrust search remedies trial that wrapped hearings Friday shows how the company is calculating possible changes proposed by the Department of Justice.
Google head of search Liz Reid testified in court Tuesday that the company would need to divert between 1,000 and 2,000 employees, roughly 20% of Google’s search organization, to carry out some of the proposed remedies, a source with knowledge of the proceedings confirmed.
The testimony comes during the final days of the remedies trial, which will determine what penalties should be taken against Google after a judge last year ruled the company has held an illegal monopoly in its core market of internet search.
The DOJ, which filed the original antitrust suit and proposed remedies, asked the judge to force Google to share its data used for generating search results, such as click data. It also asked for the company to remove the use of “compelled syndication,” which refers to the practice of making certain deals with companies to ensure its search engine remains the default choice in browsers and smartphones.
Read more CNBC tech news
Google pays Apple billions of dollars per year to be the default search engine on iPhones. It’s lucrative for Apple and a valuable way for Google to get more search volume and users.
Apple’s SVP of Services Eddy Cue testified Wednesday that Apple chooses to feature Google because it’s “the best search engine.”
The DOJ also proposed the company divest its Chrome browser but that was not included in Reid’s initial calculation, the source confirmed.
Reid on Tuesday said Google’s proprietary “Knowledge Graph” database, which it uses to surface search results, contains more than 500 billion facts, according to the source, and that Google has invested more than $20 billion in engineering costs and content acquisition over more than a decade.
“People ask Google questions they wouldn’t ask anyone else,” she said, according to the source.
Reid echoed Google’s argument that sharing its data would create privacy risks, the source confirmed.
Closing arguments for the search remedies trial will take place May 29th and 30th, followed by the judge’s decision expected in August.
The company faces a separate remedies trial for its advertising tech business, which is scheduled to begin Sept. 22.