08:51 AM EDT, 05/07/2025 (MT Newswires) -- Uber Technologies ( UBER ) swung to a higher-than-expected first-quarter profit year over year, but the ride-hailing company's revenue and gross bookings fell short of market estimates.

The firm on Wednesday reported net income of $0.83 a share for the March quarter, compared with a loss of $0.32 the year before. The consensus on FactSet was for GAAP EPS of $0.51. The result included a pretax benefit of $51 million from revaluations of Uber's ( UBER ) equity investments.

Revenue climbed 14% year over year to $11.53 billion, but missed the Street's view for $11.63 billion. Gross bookings, which indicate the scale of the company's current platform, rose to $42.82 billion from $37.65 billion, but trailed the average analyst estimate of $43.05 billion. Shares of Uber ( UBER ) fell 4.7% in premarket activity.

"Uber ( UBER ) delivered a strong start to the year, against a dizzying backdrop of headlines on trade and economic policy," Chief Executive Dara Khosrowshahi said in prepared remarks. "Our retention rates are at or near all-time highs globally."

Mobility gross bookings advanced 13% to $21.18 billion while delivery gained 15% to $20.38 billion. Freight gross bookings declined 2% to $1.26 billion, "pressured by a challenging market and fluid trade policies," Chief Financial Officer Prashanth Mahendra-Rajah said. Trips rose 18% to 3.04 billion on a yearly basis, while monthly active platform consumers inclined 14% to 170 million, according to the company.

For the ongoing quarter, Uber ( UBER ) anticipates gross bookings to be in a range of $45.75 billion to $47.25 billion, representing year-over-year growth of 16% to 20% on a constant-currency basis. The outlook for the key metric assumes a currency headwind of roughly 1.5 percentage points to total reported annual growth, including a currency hit of 3 percentage points to mobility, according to the company. The Street is currently looking for $45.77 billion.

Adjusted earnings before interest, taxes, depreciation and amortization is pegged to come in between $2.02 billion and $2.12 billion for the second quarter, Uber ( UBER ) said. In the previous three-month period, adjusted EBITDA jumped 35% to $1.87 billion.

"We remain focused on disciplined capital allocation to drive greater financial durability and are on track to deliver against our multiyear plan," Mahendra-Rajah said in the earnings release.