Uber One Hits 30 Million Subscribers, Drives Delivery Revenues 22% Higher

Core Insights - Uber's overall consumer base grew by 14% year over year, reaching 170 million monthly active consumers [1][4] - The Uber One membership program has achieved 30 million subscribers, significantly contributing to cross-selling and bookings, particularly in the Delivery segment [1][8] - Despite strong growth metrics, shares initially fell due to market concerns over potential deceleration in bookings growth as indicated in forward-looking guidance [3][4] Consumer Base and Growth - The company's consumer base expanded to 170 million, reflecting a 14% increase in the first quarter [4] - Gross bookings increased by 18% compared to the previous year, although this growth rate has slowed from over 20% in prior quarters [4] - Future bookings growth is projected to be between 16% and 20% [4] Driver and Merchant Performance - The number of drivers on the platform increased by 20% to 8.5 million, with driver earnings growing by 18% to $18.6 billion [6] - Merchant payouts rose by 21% to $12.9 billion, indicating strong performance in the Delivery segment [6] Delivery Segment Expansion - The Delivery segment has expanded beyond restaurants to include grocery and retail, with trip growth of 15% and gross bookings up by 18% [6] - A third of Uber Eats customers are sourced from the app, and the membership program accounts for 60% of gross bookings [6] Membership Program Impact - The Uber One membership program is seen as a key driver for long-term benefits, with members spending three times more than non-members [7][8] - Membership growth is linked to affordability initiatives, such as reduced delivery fees for members [8] Advertising and AV Business Growth - The advertising segment has experienced a 60% growth, surpassing a $1.5 billion annualized run rate [9] - The company has recorded an annualized run-rate of 1.5 million Mobility and Delivery AV trips on its network [9] Consumer Behavior and Market Outlook - The company has observed consistent audience growth and frequency of use, with no significant macroeconomic signals affecting consumer behavior [10][11] - The categories in which the company operates, such as restaurants and transportation, remain stable even during periods of macro uncertainty [11]