"We can’t rest for a second," he said. "And because of our global position and because of the unique platform that we have, we think we can hold our own and then some."
The San Francisco company beat Wall Street’s earnings expectations but missed forecasts for revenue. Uber's stock has climbed 37% since January and is up 22% from a year ago.
"We’re off to a strong start this year against the dizzying backdrop of headlines on trade and economic policy," Khosrowshahi said. "Each component of our multiyear growth framework is humming."
Part of the growth includes expanded use of autonomous vehicles. Khosrowshahi said, noting that Uber has put roughly 100 of Alphabet's (GOOGL) Waymo robotaxis on the streets of Austin.
Uber CEO Dara Khosrowshahi said 'Waymo has a safety track record second to none.' (Photo: Samantha Burkardt/SXSW Conference & Festivals via Getty Images)Samantha Burkardt/Getty Images
Uber CEO: Waymo safety record second to none
"Obviously, Waymo has a safety track record second to none," he said. "Consumers are loving the product. The team on the ground is doing a terrific job in terms of repairs and cleaning and recharging the cars, etc., to make sure that the Waymos are available for rides."
"And then when the Waymos are available for rides, they are very, very busy," said Khosrowshahi, noting that the average Waymo vehicle in Austin is “busier than 99%” of human-driven vehicles in the Texas capital.
"We’re super excited for expansion in Atlanta as well as some of the other [autonomous vehicle] announcements that we’ve made and the expansion that we see both in the U. S. and especially outside the U.S. as well," he said.
Uber is beefing up its partnership with Chinese autonomous vehicle company WeRide, saying it will expand to 15 cities over the next five years, including some in Europe as well as the U.S.
Meanwhile, Waymo and Toyota recently unveiled a collaboration on autonomous-driving technology. The companies will work on a new platform designed for personally owned autonomous vehicles.
"That’s just indicative we think of where AV is going, which is you’ve got: pure-play software developers increasingly offering more sophisticated AV platforms to the [original-equipment manufacturers] around the world," said Khosrowshahi. It's a world, he said, "in which 10 years from now every single new car sold comes with Level Four, Level Five AV," two of the higher levels of autonomous driving.
Uber recently told employees that starting in June, they'll need to come to the office three days a week, up from two. The order included some staffers who had been approved for remote work.
Last year, Khosrowshahi blamed remote work for the loss of its most loyal customers, who would take ride-sharing as their commutes to work.
Several investment firms published research reports following Uber's earnings release.
Wedbush downgraded Uber to neutral from outperform with a price target of $85, up from $80. The company reported "mixed" first-quarter results with "healthy guidance" for Q2, the investment firm said.
Shares of Uber have appreciated considerably over the past few years as the business model recovered post-pandemic, Wedbush said.
Notably, in recent periods, the investment firm said, "the magnitude of beats versus estimates has contracted materially as performance has caught up to investor expectations."
"We recognize that Uber's management team has demonstrated a successful track record of execution across key initiatives to drive growth during this period," Wedbush said. But "the business is now well understood, and the lack of clear catalysts in the near term will limit upside to expectations in the current environment ... curbing further multiple expansion."
Citi raised its price target on Uber to $102 from $92 and affirmed a buy rating on the shares following the Q1 report. Uber's core Delivery and Mobility services "continue to deliver impressive results," the analyst tells investors in a research note.
The investment firm sees multiple mobility initiatives that should deliver continued higher bookings, and points to expansion in suburbs, reserve and taxi. Uber is well positioned to provide distribution and utilization benefits across multiple autonomous-vehicle networks going forward, Citi contends.
RBC Capital analyst Brad Erickson raised the firm's price target on Uber to $94 from $82 and reiterated an outperform rating, according to TheFly..
The company had a strong Q1 print against a higher bar coming in, with durable customer and frequency growth continuing and Uber finding numerous opportunities to drive incremental demand and higher frequency, the analyst said.
Pricing was steady with insurance inflation abating, and autonomous-vehicle commentary remains bullish with expanding partnerships and acceleration coming in its early markets, Erickson added.
