Uber shares rise after stronger bookings outlook

Uber shares climbed after the company said its currentquarter bookings are likely to come in above Wall Street expectations, even as firstquarter revenue slightly missed estimates. The ridehailing and delivery company reported firstquarter revenue of $13.2 billion, up 14% from a year earlier, while gross bookings rose 25% to $53.7 billion. Uber also said net income was reduced by a $1.5 billion accounting hit tied to the revaluation of equity investments. Delivery remained the fastestgrowing part of the business, with revenue up 34% to $5.07 billion. Ridehailing revenue increased 5% to $6.8 billion, below analysts’ expectations. Uber said stronger demand in markets including Australia, Japan, and the U.K. helped support results, and CEO Dara Khosrowshahi said the company had not seen signs of consumer spending weakening.