Uber missed its revenue target. The stock jumped 10 per cent. Wall Street is pricing a different company.

TL;DR

Uber missed Q1 revenue estimates by 90 million dollars and the stock jumped 10 per cent. Gross bookings surged 25 per cent to 53.7 billion dollars, autonomous trips grew tenfold, and the 50-million-member Uber One programme now accounts for more than half of all bookings. Wall Street is pricing a logistics platform, not a ride-hailing company.

Uber missed its revenue estimate on Tuesday. The stock jumped 10 per cent. The divergence between the number Wall Street expected and the number the market rewarded tells the story of a company that has crossed a threshold: Uber is no longer being priced as a ride-hailing business that also delivers food. It is being priced as a logistics platform whose autonomous vehicle partnerships, membership economics, and advertising revenue have made the top-line miss irrelevant to the investors who matter. First-quarter revenue came in at 13.2 billion dollars, 14 per cent higher...

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