Dara Khosrowshahi can't afford to slow down.
Uber ((Uber) The CEO told analysts during a ride-hailing company's first-quarter earnings call that the game will be strong.
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“We can’t take a second off,” he said. “And because of our global position and the unique platform we have, we think we can have our own, and then some.”
The San Francisco company beat Wall Street's revenue expectations but missed its revenue forecast. Uber's stock has grown 37% since January, up 22% from the same period last year.
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“This year, we have made a tough start against the backdrop of headlines in trade and economic policies,” Khosrowshahi said. “Every component of our multi-year growth framework is buzzing.”
Part of the growth includes expanding the use of self-driving cars. Khosrowshahi said, pointing out that Uber put about 100 letters ((GOOGL) Waymo Robotaxis on the streets of Austin.
"Obviously, Waymo's safety track record is second to none," he said. "Consumers love the product. The team on the ground does a great job of repairing, cleaning and charging cars, etc. to ensure Waymos is available for rides."
"Then, when Waymos are available for rides, they're very, very busy," Khosrowshahi said. He noted that Austin's average Waymo vehicle is "more than 99% of human-driven vehicles" in vehicles in the Texas capital.
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“We are very excited about the expansion in Atlanta and some of the other (self-driving car) announcements we have made and the expansion we are seeing in the U.S., especially outside the U.S.,” he said.
Uber has entered into a partnership with Chinese self-driving car company Weride, saying it will expand to 15 cities over the next five years, including some in Europe and the United States
Meanwhile, Waymo and Toyota recently announced a cooperation in autonomous driving technology. The companies will work on a new platform designed specifically for individual self-driving cars.
"It's just the instructions for the AV we think of, you're what you have: pure play software developers are increasingly providing more complex AV platforms to the world (OEMs)." Khosrowshahi said. It's a world, "10 years from now on, every new car sold involves a fourth-level, fifth-level AV," two of the two autonomous driving levels.
Uber recently told employees that starting in June, they will need to come to the office three days a week. The command includes some workers who have been given remote work.
Last year, Khosrowshahi blamed remote work because it lost its most loyal customers who would use ride sharing as a job.
Several investment companies released research reports after Uber's earnings were released.
Wedbush lowered Uber from outperforming the market to neutral with a price target of $85, above $80. The investment company said it reported a “mixed” first-quarter results for the second quarter.
Uber stock is very grateful for the past few years as the business model resumes popularity, Wedbush said.
It is worth noting that in recent times, the investment firm said: “As performance caters to investor expectations, the beats and estimates have substantially contracted.”
“We recognize that during this period, Uber’s management team has demonstrated a record of successful execution in key initiatives,” Wedbush said. But “there is now a good understanding of the business, and the lack of obvious catalysts in the short term will limit expectations in the current environment… curb more multiple expansions.”
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Citi raised Uber's price target from $92 to $102 and confirmed its stock rating after the first quarter report. Analysts told investors in a research note that Uber’s core delivery and mobile services “continue to achieve impressive results.”
The investment firm saw multiple mobility plans that should offer higher bookings and pointed to the expansion of suburban, reserve and taxi. Citi believes Uber offers allocation and utilization benefits across multiple self-driving car networks.
According to thefly.., RBC capital analyst Brad Erickson raised Uber's price target from $82 to $94 and reiterated his rating that it outperformed the market.
Analysts say the company has strong Q1 prints for the emergence of higher bars, with lasting customer and frequency growth continuing, and Uber has found many opportunities to drive incremental demand and higher frequencies.
Erickson added that as insurance inflation is relieved and pricing is stable, autonomous driving reviews remain bullish, and its early markets continue to expand as partnerships and acceleration continue to expand.
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