For the second quarter, Uber projects gross bookings between $45.75 billion and $47.25 billion, representing 16% to 20% growth year over year on a constant currency basis.

Uber Technologies (UBER) shares fell as much as 4% in pre-market trade on Wednesday after the company posted mixed first-quarter results. 

The ride-hailing and delivery platform reported earnings per share (EPS) of $0.85, compared to analysts’ expectations of $0.50, as per Koyfin. Revenue rose 14% year-on-year (YoY) to $11.53 billion, narrowly missing the $11.6 billion estimate.

Gross bookings increased 14% to $42.82 billion, led by strong gains in the Delivery and Mobility segments. 

Delivery bookings rose 15% to $20.38 billion, with revenue climbing 18% to $3.78 billion. Mobility bookings grew 13% to $21.18 billion, generating revenue of $6.50 billion, up 15% from a year earlier.

Freight remained weak, with bookings and revenue down 2% compared to the same quarter last year.

Operating income totaled $1.2 billion, an increase of $1.1 billion compared to the previous year’s quarter. Free cash flow exceeded $2 billion in the quarter.

“We kicked off the year with yet another quarter of profitable growth at scale,” said CEO Dara Khosrowshahi, citing an 18% increase in trips and improved user retention. He also highlighted five autonomous vehicle announcements made in the past week.

CFO Prashanth Mahendra-Rajah emphasized the company’s capital discipline and reiterated its commitment to long-term cash flow targets. “We remain focused on disciplined capital allocation to drive greater financial durability,” he said.

For the second quarter (Q2), Uber projects gross bookings between $45.75 billion and $47.25 billion, representing 16% to 20% growth year over year on a constant currency basis. 

The first quarter (Q1) report followed news of a partnership with Pony.AI (PONY) and the acquisition of Turkish e-commerce platform Trendoyl announced Tuesday. 

“We estimate that Turkey represents our third-largest untapped delivery market, after India and Brazil, with growth and underlying fundamentals,” said Mahendra-Rajah.

Uber’s stock is up 38% year-to-date and 20% over the past 12 months.

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Read also: Uber To Acquire 85% Stake In Turkish E-Commerce Platform Trendyol GO For $700M