uber
Key Points
- Uber is positioning itself as a comprehensive travel concierge by allowing users to book over 700,000 hotels directly in the app, with plans to integrate Vrbo vacation rentals and provide Uber rides through the Expedia app starting in June.
- The company is diversifying its services through high-tech collaborations, such as a partnership with Joby Aviation for all-electric air taxis (Uber Air) and the launch of an AI-powered conversational assistant for voice bookings.
- At its annual GO-GET event, Uber introduced several personal concierge features, including Travel Mode for curated local recommendations, Shop for Me for custom retail requests, and Eats for the Way, which allows riders to pre-order snacks for Uber Black trips.
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Since its public debut in May 2019, Uber Technologies (NYSE: UBER) has seen its fair share of ups and downs. But since hitting its five-year low in June 2022, the stock has provided shareholders with a nearly 242% gain.
Now, the company—which operates the dominant facet of a global rideshare duopoly and an integrated food delivery platform—is aiming to deliver more of that upside through a series of enhanced in-app features and strategic partnerships.
On April 29 at its annual GO-GET event, Uber announced that despite its tech sector roots, the firm is now setting its sights on the travel lodging industry.
Uber Pushes Further Into Travel With Hotel Booking and Vacation Rental Plans
In March, Uber announced that it will be joining forces with Joby Aviation (NYSE: JOBY) to facilitate Uber Air—a feature that will give EVTOL riders the ability to book all-electric air taxis directly in its app.
This move demonstrated that the rideshare company is actively and strategically expanding into new segments.
Now, Uber is taking aim at hotel and short-term rental booking sites, including industry mainstays Airbnb (NASDAQ: ABNB) and Booking Holdings (NASDAQ: BKNG). Vacation rentals from Expedia Group (NASDAQ: EXPE) brand Vrbo will be added later this year, and following an initial pilot, Uber rides will be integrated directly in the Expedia app beginning in June. Expedia CEO Ariane Gorin noted that the aim of the partnership is to make travel feel effortless by providing users with a seamless experience.
According to its press release, the company will provide access to more than 700,000 hotels around the world via the Uber app. Those reservations award users with a 10% discount, with Uber One members getting an extra 10% back in Uber One credits.
“By connecting our two-sided marketplace with Uber, we’re bringing Uber rides directly into the Expedia app and Expedia Group’s lodging inventory into the Uber app,” Gorin said. “Together, we’re helping travelers spend less time planning and more time enjoying the journey.”
Beyond customer convenience, the move gives Uber a leg up in the online travel booking service market, which is expected to grow to $1.13 trillion by 2030. According to a report by industry consultancy firm Grand View Research, rising spending on travel, coupled with rising incomes and a growing range of available tourist activities worldwide are accelerating the market growth, which the firm says should contribute to a compound annual growth rate of 9% from 2022 to 2030.
Uber’s GO-GET Event Showcased New In-App Developments
The expansion into hotel and short-term vacation rental booking made the biggest splash, but Uber disclosed a handful of other app features it is rolling out.
At the GO-GET event, the company also introduced Travel Mode, a new experience available in the Uber and Uber Eats apps, that offers “curated recommendations on local favorites, popular tourist destinations, [and] OpenTable reservations.” Uber has positioned Travel Mode as its version of “room service,” but delivered directly to users’ hotel doors. The idea is to allow users to think of the Uber app as a personal travel concierge.
Other features include:
Shop for Me: Users can request items from any store, even if it isn't listed on the app.
Eats for the Way: Riders in select cities can reserve an Uber Black or Uber Black SUV and have their drivers arrive with drinks or snacks in advance of a ride.
Voice Bookings: An AI-powered feature that uses a conversational assistant that understands users’ destinations and preferences.
One Search: The redesigned "Where to?" search bar now populates results for places, food, and items across the Uber platform.
Uber’s Q1 Earnings Hint at Rapid Growth Ahead
Uber will look for those features and partnerships to build on momentum from Q1 FY2026 earnings.
When the company reported on May 6, it posted earnings per share (EPS) of 72 cents, which beat analyst estimates of 69 cents. The earnings beat was Uber’s seventh in the last eight quarters.
Quarterly revenue came in at $13.20 billion, below consensus expectations of $13.28 billion, but denoting a 14.5% year-over-year (YOY) increase. But despite the revenue miss, there were some big numbers highlighted in the earnings call, including 21% YOY growth in gross bookings, more than 44% YOY growth in non-GAAP EPS, and a record $3 billion share buyback in Q1.
The company noted that platform engagement and monetization are strengthening with over 50 million Uber One members, which marks a roughly 50% YOY increase. Additionally, delivery saw more than 23% YOY growth, led by grocery and retail.
With a forward price-to-earnings ratio of around 23, Uber’s earnings are expected to grow by more than 28% next year. Of the 39 analysts currently covering the stock, 33 have assigned it a Buy rating.
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