 Uber’s Gross Bookings grew 14% YoY to $42.8 bn in 1Q25, driven by a 14% YoY increase in Monthly Active Platform Consumers (MACPs) and a 3% growth in monthly trips per MACP. The total number of trips rose 18% YoY to $3,036mn. The company reported 170mn in MAPCs in 1Q25. Results were in line with the company’s guidance, though slightly impacted by seasonal softness compared to the previous quarter. Gross bookings (GB) for Mobility increased 13.5% YoY to $21,182mn, while the Delivery segment rose 15.1% YoY to $20,377mn. GB in the Freight segment declined by 1.8% YoY to $1,259mn. On a quarterly basis, gross bookings decreased by 3.1% in Mobility and 7.1% in Delivery, reflecting seasonal trends. Uber stated that its global retention rates remain at or near all-time highs. The number of active drivers reached 8.5mn in 1Q25, up 20% YoY. Driver earnings totaled $18.6bn in 1Q25, up 18% YoY. Merchant selection on the platform increased to 1.2mn, up 17% YoY while merchant payouts grew 21% YoY to $12.9bn. The Mobility segment demonstrated resilience at low prices and moderate insurance costs. Its Adjusted EBITDA margin reached 8.3% in 1Q, with stable supply supporting the potential growth. Taxis on Uber operate in 38 countries and over 500 cities, generating $3.5bn in annualized Gross Bookings in 1Q, up 60% YoY. Taxis account for over 10% of Mobility trips in the EMEA region. Uber Reserve helps to unlock the suburbs and other sparse markets. Currently, 40% of Reserve volume are unrelated to airport trips and 20% of Mobility trips originated in sparser markets. The Mobility segment reported revenue of $6,496mn in 1Q25, up 15.3% YoY and Adjusted EBITDA of $1,753mn, up 18.5% YoY. The Delivery segment saw revenue grow 17.5% YoY to $3,777mn, with Adjusted EBITDA of $763mn, a 44.5% YoY increase. Delivery trip growth accelerated to 15% YoY in 1Q25 compared to 13% YoY in 2024. The Delivery’s segment Grocery&Rretail business generated $10mn annualized Gross Bookings run-rate. Advertising revenue reached a $1.5bn annual run-rate, up 60% YoY. Uber announced an agreement to acquire a controlling stake in Trendyol GO for $700mn in cash. Trendyol generated c.$2bn in Gross Bookings in 2024. The number of shares used for Basic EPS calculation increased 0.7% YoY. Uber repurchased $1.8bn of common stock in 1Q, leaving $4bn unused from $7bn authorized repurchase program.  Uber has grown to an annual run-rate of 1.5mn Mobility and Delivery AV (Autonomous Vehicles) trips on its network. The company recently launched Waymo rides exclusively on Uber in Austin, where 100 vehicles are operating with higher utilization rates compared to human drivers, according to Uber. Uber plans to expand AV trips in Altanta in early summer. The company currently has 18 AV partners. In the US, it collaborates with Volkswagen in Los Angeles, Avride in Dallas, and May Mobility in Arlington. Outside the US, the company partners with WeRide and Pony.ai.  Uber anticipates Gross Bookings growth of 16-20% YoY in 2Q25, reaching $45.75-47.25 bn, including an expected 1.5% currency headwind. Adjusted EBITDA is projected to range from $1.79bn to $1.89bn, up 30-37% YoY. The company aims to make its platform more affordable, unlock growth in low-density markets, scale its key growth opportunities, and advance its autonomous vehicle (AV) strategy. We have updated our forecasts and our 12-month price target to $97.8 from $84.9 per share, maintaining our BUY rating.