北京时间 5 月 7 日晚美股盘前，"国际滴滴"优步发布了 2025 年 1 季度财报，概括来看，当季业绩表现有些瑕疵，但对下季度的指引超预期对冲了当季不佳表现的 负面影响，详细要点如下： 1、网约车增长大幅放缓是最大 "雷点"： 本季 订单额同比增速仅 13.5%，环比滑坡 4.7pct，也明显低于并不高市场预期的 15%。 即便剔除汇率影响后 ， 增速同 样是从 24% 滑 坡到 20%，可见放缓 并不能全部归结于受逆风汇率的影响，业务确实有实质性的放缓。 2、另一支柱外卖业务的增长则意外的坚挺 ，（昨日 DoorDash 业绩是指向外卖增长偏弱的）。本季 订单金额同比增长了约 15%，虽看也环比放缓 3pct， 但高于 市场预期的 14.3%。 且剔除汇兑的拖累后，增速环比维持在 18% 不变。 据公司披露 生鲜及日用品等非餐外卖的年化订单额已达$100 亿，已相当于当前整体外卖订单额的 12% ，应当是增长的主要贡献来源之一。 3、 分价量驱动因素看， 核心业务订单量同比增速实际维持在 18% ， 相比上季并未减速 ，也高于市场预期的 16%。量的层面本季增长并不差。 主要是 平均客单价本季同比显著下 ...

Core Viewpoint - Uber Technologies reported mixed first-quarter 2025 results, with earnings per share exceeding estimates while revenues fell short, leading to a stock decline of 4.3% post-earnings release [1][2]. Financial Performance - Earnings per share for Q1 2025 were 83 cents, surpassing the Zacks Consensus Estimate of 51 cents, compared to a loss of 32 cents per share in the same quarter last year [3]. - Total revenues reached $11.5 billion, missing the Zacks Consensus Estimate of $11.6 billion, but reflecting a 14% year-over-year increase on a reported basis and a 17% increase on a constant currency basis [4]. - The Mobility segment saw a revenue increase of 18% year-over-year on a constant currency basis, with gross bookings rising 20% to $21.2 billion [5][4]. - The Delivery segment's revenues grew 22% year-over-year on a constant currency basis, with gross bookings increasing 18% to $20.4 billion and trips rising 18% to 3 billion [6]. Market Outlook - For the June quarter, gross bookings are expected to be in the range of $45.75-$47.25 billion, indicating a growth of 16-20% on a constant currency basis compared to Q2 2024 [7]. - Adjusted EBITDA for Q2 is estimated to be between $2.02 billion and $2.12 billion, suggesting a year-over-year growth of 29% to 35% [8]. Stock Performance - Year-to-date, Uber's stock has gained 36.5%, outperforming the Zacks Internet-Services industry, which has seen declines, while competitors Lyft and DoorDash have gained only 0.8% and 9.1%, respectively [9]. Valuation - Uber's forward price/earnings ratio stands at 28.97, significantly higher than the industry average of 16.39, indicating a relatively expensive valuation [12]. - Lyft's forward earnings multiple is 11.41, while DoorDash's is 69.48, suggesting that Lyft may be undervalued compared to Uber [12]. Strategic Positioning - Despite recent revenue misses, Uber's fundamentals remain strong, supported by diversification into food delivery and freight, which mitigates risks [13]. - The company is pursuing strategic partnerships to enter the robotaxi market, avoiding high R&D costs associated with developing autonomous systems independently [14]. - Uber's scale, market expansions, and diversification strategies position it well for long-term growth, with a projected long-term earnings growth rate of 36%, significantly above the industry's 16.7% [15].

Core Insights - Uber is making significant investments in China's autonomous driving sector, including a $100 million equity investment in WeRide, a partnership with Pony.ai for a Middle East Robotaxi platform, and collaboration with Momenta for European market vehicle production [2][3] Investment Strategy - Uber's strategy involves a calculated approach with complementary investments: a substantial investment in WeRide for scale, a lighter partnership with Pony.ai for technology integration, and collaboration with Momenta for L2-L4 synergy [3] - The investment in WeRide aims to leverage the Middle East's market advantages, such as a 30% vehicle purchase subsidy in the UAE and the ability to operate without safety drivers [3] Financial Performance - WeRide's aggressive strategy has led to a 10.2% decline in revenue to 361 million yuan in 2024, while allocating 90% of R&D resources to overseas markets [4] - Despite the challenges, WeRide's overseas operations have achieved a gross margin of 30.7%, but the company faces cash flow issues due to rising sales and administrative expenses [4][5] - Pony.ai has demonstrated better cost control, with a 4.3% revenue increase to 548 million yuan in 2024, driven by a significant growth in its Robotruck segment [4] Market Dynamics - The collaboration with Uber has resulted in a surge in Pony.ai's stock price, but concerns remain regarding its declining gross margin and Robotaxi service revenue [5] - The financial health of both companies is under scrutiny, with WeRide needing to prove the scalability of its overseas market strategy and Pony.ai balancing cost reduction with revenue growth [6] Future Outlook - WeRide has a strategic window of approximately three years, supported by Uber and sovereign fund backing, but must demonstrate significant operational improvements to cover costs [6] - Pony.ai faces a critical juncture in 2025, needing to fulfill profitability promises for its Robotaxi business to avoid potential reevaluation by industry partners like Toyota [6]

Group 1 - JPMorgan raised Uber's target price to $92, indicating a positive outlook on the company's performance and significant progress in its autonomous driving business [1]

Core Viewpoint - Morgan Stanley maintains an "overweight" rating on Uber (UBER.US) and raises the target price from $80 to $92, citing strong overall business performance despite a slowdown in growth rates for total bookings in Q1 2025 [1][2]. Group 1: Business Performance - Uber's total bookings in Q1 2025 grew by 18% year-over-year, although the growth rate has decreased compared to previous quarters [1]. - The ride-hailing segment's bookings growth slowed to 20%, attributed to a reduction in pricing pressure due to easing insurance costs, which is expected to drive volume growth in the long term [1]. - The delivery segment maintained a steady growth rate of 18%, with improving profitability as advertising penetration approaches 2% of delivery bookings [1][2]. Group 2: User Engagement - Monthly Active Platform Consumers (MAPC) increased by 14%, and usage frequency grew by 3%, indicating strong user engagement [2]. - The supply of drivers and the number of merchants on the platform continue to improve, supporting overall growth prospects [2]. Group 3: Financial Outlook - Morgan Stanley has raised its forecasts for Uber's total bookings and EBITDA for 2025/2026 by 3% and 5%, respectively, reflecting confidence in the company's growth plans and commitment to expanding GAAP profit margins [2]. Group 4: Autonomous Driving Progress - Uber has made significant advancements in its autonomous driving business, partnering with 18 autonomous driving partners and planning deployments in the U.S., Europe, and the Middle East [3]. - The collaboration with Waymo in Austin has expanded, with the number of vehicles increasing to approximately 100, expected to grow to hundreds in the coming months [3]. - The annualized run rate for autonomous ride-hailing and delivery orders on the Uber platform has reached 1.5 million, indicating Uber's important role in the autonomous driving ecosystem [3].

Core Viewpoint - The market is undervaluing Uber Technologies despite its strong operational performance and growth potential, presenting an investment opportunity [2][10]. Financial Performance - In Q1, Uber generated $11.53 billion in revenue, resulting in an EBITDA of $1.9 billion and earnings per share of $0.83, surpassing analyst expectations of $0.50 per share, although revenue fell short of the $11.62 billion consensus [3][6]. - Mobility bookings reached $21.18 billion, slightly below the consensus estimate of $21.5 billion [3]. - Operating income improved significantly to over $1.2 billion from less than $200 million year-over-year, while net income was nearly $1.8 billion, a turnaround from a $654 million loss in Q1 2024 [7]. Growth Trends - Revenue and mobility bookings grew by 14% year-over-year, supported by an 18% increase in total trips taken, marking the sixteenth consecutive quarter of sequential top-line growth [6]. - Management forecasts bookings to grow by 16% to 20% in the current quarter, with adjusted EBITDA expected to increase by 29% to 35% year-over-year [9]. Market Position and Future Outlook - The global ride-hailing and taxi market is projected to grow at over 11% annually through 2032, while the same-day delivery and logistics market, which is Uber's fastest-growing segment, is expected to grow at over 21% annually through 2033 [13]. - Uber is well-positioned to capture significant market share in these expanding sectors [13]. Technological Advancements - The potential introduction of autonomous vehicles (robo-taxis) is highlighted as a significant future opportunity for Uber, with CEO Dara Khosrowshahi expressing confidence in AV technology as a key growth driver [15]. Market Sentiment - Despite strong operational metrics, the stock price has been negatively impacted by market perceptions and missed estimates in key metrics, leading to cautious investor sentiment [11][12].

Core Insights - The article discusses the negativity surrounding Uber's stock following its Q4 earnings release and analyzes the reasons behind this sentiment [1]. Group 1: Company Analysis - Uber's Q4 results were scrutinized, revealing a significant amount of negative sentiment in the market post-earnings [1]. - The author, an independent investor with expertise in finance, provides insights into the company's performance and market perception [1]. Group 2: Investor Perspective - The author holds a beneficial long position in Uber shares, indicating a personal investment interest in the company's future performance [2]. - The article reflects the author's independent opinions and analysis, without external compensation influencing the views expressed [2].

Group 1 - Uber Technologies, Inc. reported Q1 earnings on May 7, 2025, which supported a long-term bullish view on the company [1] - The analysis is based on insights gathered from investor calls, presentations, financials, and news, focusing on a 3-5 year time horizon [1] - The author emphasizes the importance of thorough research in identifying potentially life-changing investments [1] Group 2 - The author has a beneficial long position in Uber shares through stock ownership, options, or other derivatives [1]

In an investor’s lifetime, only a few companies become so dominant that their names turn into verbs. These brands grow so large and their services become so integrated into daily life that people stop using generic terms for certain actions—instead, they use the company’s name itself. Uber Technologies TodayUBERUber Technologies$84.07 -1.76 (-2.05%) 52-Week Range$54.84▼$87.00P/E Ratio18.44Price Target$89.97Add to WatchlistOne such example is Uber Technologies Inc. NYSE: UBER, a stock that had seen its fair ...

作者丨 Julia Ostian 编译 | 华尔街大事件 Uber （ NYSE： UBER ）的 2025年第一季度业绩报告 在市场引发强烈反应，其股价在盘前交易 中下跌逾4%。 Uber 公布的 营收为 115.3 亿美元，略低于 116.2 亿美元的市场预期。但坏消息也仅此而已。其 他方面都好于预期。每股收益为 0.83 美元，超出预期 60% 以上。调整后息税折旧摊销前利润 (EBITDA) 达到创纪录的 19 亿美元（同比增长 35%），自由现金流超过 23 亿美元。Uber 的净 现金也首次转为正值，从一年前的负 11 亿美元转为正值 4.01 亿美元。 此外，首席执行官达拉·科斯罗萨西强调，公司不满足于"良好"，而是追求"卓越"，并指出本季度 业绩表现强劲，包括新品发布、合作伙伴关系拓展以及创纪录的利润率。团队并未对收入未达预 期的情况辩解，而是强调了持续的出行增长、高用户参与度以及强劲的国际扩张。首席财务官普 拉尚特·马亨德拉-拉贾（Prashant Mahendra-Rajah）明确阐述了公司的优先事项：在不牺牲自动 驾驶汽车、外送和全球市场增长投资的情况下，推动利润率的可持续增长。 除其他 ...