(Reuters) -Uber Technologies ( UBER ) missed first-quarter revenue estimates on Wednesday, but forecast current-quarter gross bookings above Wall Street expectations, indicating resilient demand for its ride-hailing and food delivery services.
Shares of the San Francisco-based company fell more than 6% in choppy premarket trading.
Total revenue rose 14% to $11.53 billion in the first quarter, slightly below analysts' expectations of $11.62 billion, according to data compiled by LSEG.
Ride-hailing demand has remained resilient as a rebound in business travel and stricter enforcement of return to office policies boost intra-city commuting, airport trips and travel within key destinations.
In February, Uber ( UBER ) launched its Price Lock Pass, a $2.99 monthly subscription offering consistent fares on designated routes, to attract budget-conscious commuters, competing with a similar feature offered by Lyft ( LYFT ).
Uber ( UBER ) expects gross bookings to be between $45.75 billion and $47.25 billion for the current quarter. This compared with Wall Street expectations of $45.83 billion.
Delivery business revenue jumped about 18%, in line with Street expectations, while it rose 15% in the ride-hailing unit. Sales in its freight division slipped about 2%.
Uber ( UBER ) anticipates a 1.5% currency-related drag on second-quarter gross bookings growth, with its Mobility segment facing a steeper 3% impact, as a stronger U.S. dollar reduces the value of earnings from international markets.
The company forecast second-quarter adjusted earnings before interest, taxes, depreciation and amortization - a profitability metric keenly watched by investors - between $2.02 billion and $2.12 billion. Analysts were expecting $2.04 billion.
Uber ( UBER ) is intensifying its push into autonomous driving, deepening its partnership with Alphabet's Waymo and forging new collaborations with robotaxi startups like WeRide, Pony AI and Avride.
Uber's ( UBER ) stock has soared roughly 42% this year, making it among the top 10 gainers in the benchmark S&P 500 index, while smaller rival Lyft ( LYFT ) is flat during the same period.
(Reporting by Akash Sriram in Bengaluru; Editing by Sriraj Kalluvila)