We now want to bring in Bloomberg's Emily Chang, who is standing by with Uber CEO Dara Koshersaui Shanali thank you and Dara, thank you for joining us today again. Obviously, look, you can see that growth is continuing on both sides of the business pretty strong. But that net loss I think was disappointing for some investors after the progress you made. Shares are down, lift shares on the other hand, are up. What is the message to investors this morning?
Well, I think the message to investors is that we continue to deliver on consistently strong top line growth and then outsize outsized profitability growth. You saw trips for US increase twenty one percent on a year on your basis, we're at a run rate of more than ten billion trips on an annual basis, which is pretty incredible. Gross booking screwed twenty one percent as well. On a constant
currency basis. Our ibidah came in at one point four billion dollars, up eighty two percent, and that also translated into free cash row, so free cashrow one point four billion four point two billion. Over the past twelve months. We did swing to a loss, but the significant factor behind that loss was actually the value of our equity stakes. Some of them have been marked down, and you know, markets go up and markets go down. We can't control that. What we can't control is are we building a big
business mobility and delivery business on a global basis? Are there more customers coming to us? Our audience grew fifteen percent, frequency group six percent. So I think as long as we continue to deliver on our service, on the promise of mobility everywhere delivery of food and grocery, et cetera, will be more than fined.
Gap operating profit dropped by you know, in part due to what you described as regulatory reserve changes and settlement. What are some of the headwinds that you're seeing and monitoring well.
I think some of these settlements are for issues that have occurred in the past, and what we're trying to do now is operate in a way that takes into account all of our stakeholders, our writers, our drivers or eaters, as well as regulators. And what we're trying to do is kind of try to clean up some of these past liabilities and move forward and doing the right thing for everybody.
I spoke with you and Instacart CEO Figcimo yesterday, And obviously your new partnership is a bigger deal now that I know that it's not just exclusive to Instacart. Can you talk about some of the other partnerships and services that you could potentially plug in to Uber Eats, like I'm thinking Netflix or YouTube or TikTok.
Well, we're really focused right now on making this work on Instacart, and this all started from our building essentially with our Uber app, kind of a super app of sorts. You can come to Uber and you can order food off of the eats tab on Uber. That business has been growing significantly. Consumers love it and you know, if they want to go to eat app, they can, If they want to eat on the Uber app, they can as well. That led us to the discussions that we
had with Fiji that we talked about. The focus right now is really making sure that our Instacart partnership works right. Instacart has very very strategic customer base in the suburbs where we're already growing, but we want to grow faster
and really that's going to be the focus. But the technology that we build allows us to essentially embed in an absolutely first rate Uber Eats experience into other apps as well, So you could imagine embedding in entertainment apps or sports apps, etc. And when you're hungry, ordering eats run in that app. So that is absolutely something that we could deliver technically as a result of a great job of our engineers. But right now the focus is
let's make instacart work. I'm sure there'll be some growing pains, There'll be some tuning to do in terms of the tech and the experience, and then we'll go from there.
Interesting. You know, there's this Tesla robotaxi news out of China, and obviously your story with autonomous vehicles has been a little up and down. Will we ever see Tesla robotaxis on order on Uber.
Well, we would certainly welcome it. You know, our view as it relates to autonomous is this is a technology that holds great promise both in terms of expanding our marketplace, lowering prices, making transportation available safely to more and more people. It's taken much much longer than anyone imagined. We don't operate in China, So to the extent that Tesla operates a robotaxi fleet in China, that's not something that we
would engage in. But what we have told the av industry is that we're here to partner and you can essentially plug in your vehicles as long as they're safe, as long as regulators are aligned as well. Into our network and the demand that we bring and all the services that we built in terms of matching and routing and pricing, we can bring that all to you day one. That results in higher utilization. You know, your cars will
get more rides. And if there's a Tesla owner, a car owner who wants to put his or her car into the Uber network, they'll make more money than if it wasn't in the network. So we'd love to work with all players. We have a lot of respect for Tesla. There are a lot of Tesla's in our fleet already, so we'd absolutely welcome safe Tesla autonomous cars in our fleet too.
And you know, I'm hearing just anecdotally more and more people who are taking weimo. And you do have a partnership with Weimo, can you tell us a little bit more about how that partnership works financially speaking, Like, does Weimo get paid a fee for referring rights to Uber? Do you operate a fleet of Weaimo's, Like, what's in it for you as an aggregator.
Yeah, it's we don't disclose the financials so to speak. We operate with Waimo in Phoenix, and actually we operate both on the mobility side and on the delivery side. So Weymo's and Phoenix are taking uber riders and they're actually now delivering food to eaters as well as we expand the use cases there. And I think what you can imagine the model being, and this is not specific
to Weemo, is just like theirs. We have a take rate with human drivers, right about seventy nine percent of our gross bookings go to drivers and couriers and merchants and we keep about twenty one percent of it. That kind of a model will be true for autonomous as well, so we will have a fair take rate. We will
drive a ton of business to these autonomous players. And again, what we're already seeing with some of our partners is higher utilization, more business for the driver so to speak, whether that driver is a human or ultimately a robot.
Uber is such a bell weather for what's going on in the global economy. Inflation has stalled at a rate that some folks feel is too high. What's your read on the broader economy and especially in an election year.
Yeah, Emily, I'd say so far, so good. We read all the news that you do, and we talk to many many partners out there. We're not taking price, so to speak, or we want to take as little price as we as we can. Our transactions grew twenty one percent. Our growth bookings grew twenty one percent. We want to grow based on expanding our audience and increasing frequency. And when we look at our customer base, you look at
the volumes twenty one percent growth this quarter. Next quarter, the midpoint of our guidance, it's between twenty and twenty one percent growth as well. So we see very consistent growth. We don't see consumers trading down. We don't see eaters trading down. At this point, we do see a lot of strength in terms of ourber for business business so to speak. Corporations are getting back to work. We see
a lot of strength during workday commute, et cetera. People are going back to the office, maybe a little more slowly than we'd like, but people are definitely going back to the office. So at this point we don't see signs of consumer weakness. You know, there are some merchant partners who we talk to who are focused more on
lower value or cheaper products, et cetera. They may be feeling it, but at this point, Uber volumes remain healthy and kind of the nature of that volume remains healthy as well.
And just last quick question I have to ask you about Uber teen. I'm a mom, you're a dad. You know, obviously this could be game changing for working parents. How big a business can this be? And why should I trust my kid with you?
Well, we think it can be a very large business, and it's turning out to be a very large business as well. And the reason is, you know, Uber has we think industry leading safety characteristics that really no one else has. So with teen, first of all, you as a parent have to invite your team. When we offer uber teen as a service to only the best rated drivers, there's a pin to make sure that your team is getting into the right Uber. You can track the uber
as a parent. You know, I track my kids as well. It's a great experience. Make sure they're picked up okay, make sure they're dropped off okay, And you can reach out to the driver directly as well. So all of these safety features put together, I think you know help will help put parents mind at ease. It's been one of our most beloved launches out there, and right now we're just looking to expand in into more markets because the demand is absolutely there.
All right, got it. I haven't tried it yet, but I think maybe you just can. Miss Thank you, Dara, Thank you so much for joining us as always, really appreciate it.