<p>優步科技（Uber Technologies (UBER)）已召開第一季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，以做出更聰明、更精準的決策</li>
<li>發現表現優異的股票投資理念，並升級到市場領先者的投資組合，使用智能投資者精選</li>
</ul>
<p>優步最新的財報電話會議傳達了樂觀的基調，管理層強調了強勁的增長、更高的盈利能力和不斷上升的資本回報。高管們承認短期內投資和競爭壓力加大，但強調在出行和配送領域的強勁勢頭、利潤率的擴大以及在自動駕駛和人工智能方面的早期成功，使公司比一年前更具競爭力。</p>
<h2>強勁的收入增長</h2>
<p>總預訂量同比增長 21%，顯示出平台上廣泛的需求。管理層強調，這一增長並非侷限於某個特定地區或產品，而是反映了出行和配送領域的穩定增長，越來越多的用户和使用場景進入優步的生態系統。</p>
<h2>出行和配送的勢頭</h2>
<p>出行的總預訂量同比加速增長 20%，同時實現了創紀錄的利潤率，表明乘客增長正在轉化為更健康的經濟效益。配送預訂量增長 23%，其中雜貨和零售領域表現突出，貨運在近兩年首次恢復增長，暗示該領域的初步復甦。</p>
<h2>盈利能力和每股收益擴張</h2>
<p>非公認會計原則（Non-GAAP）每股收益同比躍升 44%，增速超過預訂量增長的兩倍，表明運營槓桿改善。管理層歸功於嚴格的成本控制和效率舉措，顯示優步能夠在不成比例增加支出的情況下擴大收入。</p>
<h2>現金生成和資本回報</h2>
<p>公司報告了強勁的自由現金流，使其能夠同時進行投資和回報股東。優步通過在本季度回購創紀錄的 30 億美元股票來強調這一點，將回購視為其資本配置戰略的關鍵工具。</p>
<h2>受眾和參與度的提升</h2>
<p>優步平台的受眾同比增長 17%，增強了其多產品提供的吸引力。優步一號會員超過 5000 萬，年增長約 50%，現在佔總預訂量的一半以上，會員的消費大約是非會員的三倍。</p>
<h2>自動駕駛車輛的進展</h2>
<p>自動駕駛出行的行程同比增長超過十倍，反映出快速的實驗和部署。優步目前與 30 多家自動駕駛合作伙伴合作，並推出了優步自動駕駛解決方案，計劃在年底前在多達 15 個城市上線。</p>
<h2>跨平台和產品創新</h2>
<p>管理層強調跨平台的協同效應，指出近 150 億美元的配送預訂量按年化計算，源自出行應用。其在 GO-GET 活動中宣佈的新功能，如一鍵搜索、購物車助手和數十萬家酒店的預訂，旨在加深用户參與度並挖掘更廣泛的旅行消費。</p>
<h2>地理和郊區擴張</h2>
<p>稀疏和郊區市場正成為更大的增長驅動力，行程增長速度約為核心城市地區的兩倍。在國際市場上，澳大利亞的配送業務已重新加速至約 30% 的增長，優步在包括芬蘭在內的七個新市場擴展，並迅速攀升至應用商店的榜首。</p>
<h2>預計保險成本改善</h2>
<p>優步預計到 2026 年通過更好的保單設計、技術、自動續保和將風險轉移給第三方承保人，將在保險方面解鎖 “數億美元” 的年度節省。管理層表示，這些節省應改善美國出行的槓桿，並指出洛杉磯的行程增長趨勢已較之前有所改善。</p>
<h2>人工智能投資帶來生產力提升</h2>
<p>公司在看到其模型帶來超出預期的好處後，加大了對人工智能的投資，特別是在軟件開發方面。現在約 10% 的代碼提交由人工智能代理協助，管理層表示這加快了功能交付，並實現了更個性化的用户體驗。</p>
<h2>宏觀和運營阻力</h2>
<p>高管們指出外部環境的挑戰，提到戰爭和天氣干擾可能影響某些地區的運營和需求。儘管這些因素在很大程度上超出了優步的控制範圍，但公司強調其能夠重新分配資源並應對局部波動。</p>
<h2>自動駕駛規模化的限制和時間風險</h2>
<p>儘管自動駕駛取得進展，管理層指出多個瓶頸將減緩大規模部署並增加複雜性。這些瓶頸包括對更多車輛和安全駕駛員的需求、地方監管批准、充電和倉庫基礎設施，以及融資和保險挑戰，特別是在自動駕駛車隊的不確定殘值方面。</p>
<h2>配送市場的競爭激烈</h2>
<p>在歐洲和其他國際市場，優步面臨來自 DoorDash 和 Prosus 支持的競爭對手的激烈競爭。管理層表示正在捍衞市場份額，但承認這種競爭加劇可能會對利潤率施加壓力，並需要持續投資於促銷和產品差異化。</p>
<h2>投資驅動的短期成本增加</h2>
<p>公司已將其人工智能預算提高到超出原定的 2026 計劃，反映出對回報的信心，但也帶來了更高的短期支出。這些投資以及更廣泛的產品擴展，部分被較慢的員工增長所抵消，但仍對收入報表造成了一定的短期壓力。</p>
<h2>低利潤類別帶來的利潤壓力</h2>
<p>在低利潤類別（如雜貨和零售）中更快的擴張對 Delivery 來説是一把雙刃劍。雖然這些領域推動了收入增長和用户參與，但也可能壓縮利潤，迫使管理層謹慎管理增長舉措與盈利能力之間的平衡。</p>
<h2>第三方代理導致的去中介化風險</h2>
<p>管理層指出，個人代理或外部平台可能會介入用户互動，從而削弱直接客户關係的長期風險。Uber 認為其強大的用户參與度、會員計劃和合作夥伴關係將有助於減輕這一威脅，但承認這是一個需要監控的戰略風險。</p>
<h2>前瞻性指引和展望</h2>
<p>展望未來，Uber 將其指引框架設定為持續增長、嚴格的資本配置和改善盈利能力，指出最近 21% 的預訂增長和 44% 的非 GAAP 每股收益增長作為證明。公司預計在 2026 年將實現可觀的保險節省，擴大自動駕駛汽車的部署，加大人工智能支出，並繼續擴大 Uber One 的規模，所有這些都旨在推動持久的盈利增長。</p>
<p>Uber 的財報電話會議描繪了一個正在擴大規模、提高利潤率並回饋大量資本的平台，即使在積極投資於人工智能和自動駕駛技術的情況下。對於投資者來説，關鍵的收穫是公司在追求增長的同時，越來越關注單位經濟，同時公開承認未來面臨的競爭、監管和技術風險。</p>

優步

納斯達克運輸業 ETF - First Trust

2 倍做多 UBER ETF - GraniteShares

標普交通運輸 ETF - SPDR

UBEW

道瓊斯運輸類股平均指數 ETF - iShares

<p>優步第一季度的財報電話會議強調了強勁的增長，毛預訂量同比增長 21%，主要得益於出行和配送業務。非公認會計原則每股收益增長 44%，顯示出盈利能力的改善。公司報告了顯著的自由現金流，使得 30 億美元的股票回購成為可能。優步的用户羣體增長了 17%，會員數量激增。會議中提到在自動駕駛汽車方面的進展，同時也面臨來自競爭和宏觀經濟因素的挑戰。人工智能投資正在帶來生產力的提升，但也承認了運營上的阻力和擴展限制</p>

<p>Uber Technologies ((UBER)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>優步科技（Uber Technologies (UBER)）已召開第一季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
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<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
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<div class="lb-trans"><ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，以做出更聰明、更精準的決策</li>
<li>發現表現優異的股票投資理念，並升級到市場領先者的投資組合，使用智能投資者精選</li>
</ul>
</div><p>Uber’s latest earnings call struck an upbeat tone, with management leaning into a story of robust growth, sharper profitability and rising capital returns. Executives acknowledged higher near‑term investment and competitive pressures, but emphasized that strong momentum in Mobility and Delivery, expanding margins and early wins in autonomous vehicles and AI leave the company better positioned than a year ago.</p>
<div class="lb-trans"><p>優步最新的財報電話會議傳達了樂觀的基調，管理層強調了強勁的增長、更高的盈利能力和不斷上升的資本回報。高管們承認短期內投資和競爭壓力加大，但強調在出行和配送領域的強勁勢頭、利潤率的擴大以及在自動駕駛和人工智能方面的早期成功，使公司比一年前更具競爭力。</p>
</div><h2>Strong Top-Line Growth</h2>
<div class="lb-trans"><h2>強勁的收入增長</h2>
</div><p>Gross bookings climbed 21% year over year, underscoring broad-based demand across the platform. Management highlighted that this growth was not confined to a single region or product, but reflected steady gains in both Mobility and Delivery as more users and use cases move onto Uber’s ecosystem.</p>
<div class="lb-trans"><p>總預訂量同比增長 21%，顯示出平台上廣泛的需求。管理層強調，這一增長並非侷限於某個特定地區或產品，而是反映了出行和配送領域的穩定增長，越來越多的用户和使用場景進入優步的生態系統。</p>
</div><h2>Mobility and Delivery Momentum</h2>
<div class="lb-trans"><h2>出行和配送的勢頭</h2>
</div><p>Mobility gross bookings accelerated 20% year over year while achieving record margins, signaling that rider growth is translating into healthier economics. Delivery bookings rose 23%, with grocery and retail leading the charge, and Freight returned to growth for the first time in nearly two years, hinting at a nascent recovery in that segment.</p>
<div class="lb-trans"><p>出行的總預訂量同比加速增長 20%，同時實現了創紀錄的利潤率，表明乘客增長正在轉化為更健康的經濟效益。配送預訂量增長 23%，其中雜貨和零售領域表現突出，貨運在近兩年首次恢復增長，暗示該領域的初步復甦。</p>
</div><h2>Profitability and EPS Expansion</h2>
<div class="lb-trans"><h2>盈利能力和每股收益擴張</h2>
</div><p>Non‑GAAP EPS jumped 44% year over year, more than double the pace of bookings growth, indicating improving operating leverage. Management credited disciplined cost controls and efficiency initiatives, showing that Uber can scale revenue without a proportional rise in expenses.</p>
<div class="lb-trans"><p>非公認會計原則（Non-GAAP）每股收益同比躍升 44%，增速超過預訂量增長的兩倍，表明運營槓桿改善。管理層歸功於嚴格的成本控制和效率舉措，顯示優步能夠在不成比例增加支出的情況下擴大收入。</p>
</div><h2>Cash Generation and Capital Returns</h2>
<div class="lb-trans"><h2>現金生成和資本回報</h2>
</div><p>The company reported strong free cash flow, giving it room to invest and reward shareholders at the same time. Uber underscored this by repurchasing a record $3.0 billion of stock during the quarter, framing buybacks as a key tool in its capital allocation strategy.</p>
<div class="lb-trans"><p>公司報告了強勁的自由現金流，使其能夠同時進行投資和回報股東。優步通過在本季度回購創紀錄的 30 億美元股票來強調這一點，將回購視為其資本配置戰略的關鍵工具。</p>
</div><h2>Audience and Engagement Gains</h2>
<div class="lb-trans"><h2>受眾和參與度的提升</h2>
</div><p>Uber’s platform audience grew 17% year over year, reinforcing the appeal of its multi-product offering. Uber One membership surpassed 50 million, growing around 50% annually, and now accounts for over half of total bookings, with members spending roughly three times more than non-members.</p>
<div class="lb-trans"><p>優步平台的受眾同比增長 17%，增強了其多產品提供的吸引力。優步一號會員超過 5000 萬，年增長約 50%，現在佔總預訂量的一半以上，會員的消費大約是非會員的三倍。</p>
</div><h2>Autonomous Vehicle Progress</h2>
<div class="lb-trans"><h2>自動駕駛車輛的進展</h2>
</div><p>AV Mobility trips increased more than tenfold versus last year, reflecting rapid experimentation and deployment. Uber now works with more than 30 autonomous partners and has launched Uber Autonomous Solutions, remaining on track with plans to be live in up to 15 cities by year-end.</p>
<div class="lb-trans"><p>自動駕駛出行的行程同比增長超過十倍，反映出快速的實驗和部署。優步目前與 30 多家自動駕駛合作伙伴合作，並推出了優步自動駕駛解決方案，計劃在年底前在多達 15 個城市上線。</p>
</div><h2>Cross-Platform and Product Innovation</h2>
<div class="lb-trans"><h2>跨平台和產品創新</h2>
</div><p>Management emphasized cross-platform synergies, noting that nearly $15 billion of Delivery bookings, on a run-rate basis, originate from the Mobility app. New features announced at its GO-GET event, such as One Search, Cart Assistant and hotel bookings across hundreds of thousands of properties, aim to deepen engagement and tap the broader travel wallet.</p>
<div class="lb-trans"><p>管理層強調跨平台的協同效應，指出近 150 億美元的配送預訂量按年化計算，源自出行應用。其在 GO-GET 活動中宣佈的新功能，如一鍵搜索、購物車助手和數十萬家酒店的預訂，旨在加深用户參與度並挖掘更廣泛的旅行消費。</p>
</div><h2>Geographic and Suburban Expansion</h2>
<div class="lb-trans"><h2>地理和郊區擴張</h2>
</div><p>Sparse and suburban markets are becoming a bigger growth driver, with trip growth running about twice as fast as in core urban areas. Internationally, Australia’s Delivery business has reaccelerated to about 30% growth, and Uber expanded into seven new markets, including Finland, where it quickly climbed to the top of the App Store.</p>
<div class="lb-trans"><p>稀疏和郊區市場正成為更大的增長驅動力，行程增長速度約為核心城市地區的兩倍。在國際市場上，澳大利亞的配送業務已重新加速至約 30% 的增長，優步在包括芬蘭在內的七個新市場擴展，並迅速攀升至應用商店的榜首。</p>
</div><h2>Insurance Cost Improvements Expected</h2>
<div class="lb-trans"><h2>預計保險成本改善</h2>
</div><p>Uber expects to unlock “hundreds of millions” of dollars in annual savings in its insurance line by 2026 through better policy design, technology, auto-renewals and shifting risk to third-party carriers. Management said these savings should improve U.S. Mobility leverage and noted that Los Angeles trip growth trends have already improved compared with prior periods.</p>
<div class="lb-trans"><p>優步預計到 2026 年通過更好的保單設計、技術、自動續保和將風險轉移給第三方承保人，將在保險方面解鎖 “數億美元” 的年度節省。管理層表示，這些節省應改善美國出行的槓桿，並指出洛杉磯的行程增長趨勢已較之前有所改善。</p>
</div><h2>AI Investment Yielding Productivity Gains</h2>
<div class="lb-trans"><h2>人工智能投資帶來生產力提升</h2>
</div><p>The company has stepped up AI investment after seeing stronger-than-expected benefits from its models, particularly in software development. Around 10% of code commits are now assisted by AI agents, which management says is speeding up feature delivery and enabling more personalized user experiences.</p>
<div class="lb-trans"><p>公司在看到其模型帶來超出預期的好處後，加大了對人工智能的投資，特別是在軟件開發方面。現在約 10% 的代碼提交由人工智能代理協助，管理層表示這加快了功能交付，並實現了更個性化的用户體驗。</p>
</div><h2>Macro and Operational Headwinds</h2>
<div class="lb-trans"><h2>宏觀和運營阻力</h2>
</div><p>Executives flagged a challenging external backdrop, citing war and weather disruptions that could affect operations and demand in certain regions. While these factors are largely outside Uber’s control, the company emphasized its ability to reallocate resources and manage through localized volatility.</p>
<div class="lb-trans"><p>高管們指出外部環境的挑戰，提到戰爭和天氣干擾可能影響某些地區的運營和需求。儘管這些因素在很大程度上超出了優步的控制範圍，但公司強調其能夠重新分配資源並應對局部波動。</p>
</div><h2>AV Scaling Constraints and Timeline Risk</h2>
<div class="lb-trans"><h2>自動駕駛規模化的限制和時間風險</h2>
</div><p>Despite AV progress, management outlined multiple bottlenecks that will slow large-scale deployment and add complexity. These include the need for more vehicles and safety drivers, local regulatory approvals, charging and depot infrastructure, and financing and insurance challenges, particularly around uncertain residual values for autonomous fleets.</p>
<div class="lb-trans"><p>儘管自動駕駛取得進展，管理層指出多個瓶頸將減緩大規模部署並增加複雜性。這些瓶頸包括對更多車輛和安全駕駛員的需求、地方監管批准、充電和倉庫基礎設施，以及融資和保險挑戰，特別是在自動駕駛車隊的不確定殘值方面。</p>
</div><h2>Competitive Intensity in Delivery Markets</h2>
<div class="lb-trans"><h2>配送市場的競爭激烈</h2>
</div><p>In Europe and other international markets, Uber is facing heightened competition from rivals such as DoorDash and Prosus-backed players. Management said it is defending market share but acknowledged that this elevated intensity could pressure margins and require continued investment in promotions and product differentiation.</p>
<div class="lb-trans"><p>在歐洲和其他國際市場，優步面臨來自 DoorDash 和 Prosus 支持的競爭對手的激烈競爭。管理層表示正在捍衞市場份額，但承認這種競爭加劇可能會對利潤率施加壓力，並需要持續投資於促銷和產品差異化。</p>
</div><h2>Investment-Driven Near-Term Cost Increases</h2>
<div class="lb-trans"><h2>投資驅動的短期成本增加</h2>
</div><p>The company has raised its AI budget beyond the original 2026 plan, reflecting confidence in returns but also higher near-term expenses. These investments, along with broader product expansion, are partly offset by slower headcount growth, yet they still create some short-term pressure on the income statement.</p>
<div class="lb-trans"><p>公司已將其人工智能預算提高到超出原定的 2026 計劃，反映出對回報的信心，但也帶來了更高的短期支出。這些投資以及更廣泛的產品擴展，部分被較慢的員工增長所抵消，但仍對收入報表造成了一定的短期壓力。</p>
</div><h2>Margin Pressure from Lower-Margin Categories</h2>
<div class="lb-trans"><h2>低利潤類別帶來的利潤壓力</h2>
</div><p>Faster expansion in lower-margin categories such as grocery and retail is a double-edged sword for Delivery. While these segments are fueling topline growth and engagement, they can compress margins, pushing management to carefully manage the mix between growth initiatives and profitability.</p>
<div class="lb-trans"><p>在低利潤類別（如雜貨和零售）中更快的擴張對 Delivery 來説是一把雙刃劍。雖然這些領域推動了收入增長和用户參與，但也可能壓縮利潤，迫使管理層謹慎管理增長舉措與盈利能力之間的平衡。</p>
</div><h2>Risk of Disintermediation by Third-Party Agents</h2>
<div class="lb-trans"><h2>第三方代理導致的去中介化風險</h2>
</div><p>Management flagged a longer-term risk that personal agents or external platforms could mediate user interactions, potentially weakening direct customer relationships. Uber believes its strong engagement, membership program and partnerships will help mitigate this threat, but acknowledged it as a strategic risk to monitor.</p>
<div class="lb-trans"><p>管理層指出，個人代理或外部平台可能會介入用户互動，從而削弱直接客户關係的長期風險。Uber 認為其強大的用户參與度、會員計劃和合作夥伴關係將有助於減輕這一威脅，但承認這是一個需要監控的戰略風險。</p>
</div><h2>Forward-Looking Guidance and Outlook</h2>
<div class="lb-trans"><h2>前瞻性指引和展望</h2>
</div><p>Looking ahead, Uber framed its guidance around sustained growth, disciplined capital allocation and improving profitability, pointing to recent 21% bookings growth and 44% non‑GAAP EPS gains as proof points. The company expects substantial insurance savings in 2026, expanded AV deployments, stepped-up AI spending and continued scaling of Uber One, all aimed at driving durable, profitable growth.</p>
<div class="lb-trans"><p>展望未來，Uber 將其指引框架設定為持續增長、嚴格的資本配置和改善盈利能力，指出最近 21% 的預訂增長和 44% 的非 GAAP 每股收益增長作為證明。公司預計在 2026 年將實現可觀的保險節省，擴大自動駕駛汽車的部署，加大人工智能支出，並繼續擴大 Uber One 的規模，所有這些都旨在推動持久的盈利增長。</p>
</div><p>Uber’s earnings call painted a picture of a platform gaining scale, sharpening its margins and returning substantial capital, even as it spends aggressively on AI and autonomous technology. For investors, the key takeaway is a company leaning into growth but increasingly focused on unit economics, while openly acknowledging the competitive, regulatory and technological risks that lie ahead.</p>
<div class="lb-trans"><p>Uber 的財報電話會議描繪了一個正在擴大規模、提高利潤率並回饋大量資本的平台，即使在積極投資於人工智能和自動駕駛技術的情況下。對於投資者來説，關鍵的收穫是公司在追求增長的同時，越來越關注單位經濟，同時公開承認未來面臨的競爭、監管和技術風險。</p>
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優步財報電話會議重點關注增長、自動駕駛技術和人工智能