Delivery Wars: Uber & DoorDash Race Ahead

Hey Superheroes,

The U.S. and China have agreed to begin trade negotiations, sparking hopes for an easing of tensions between the world’s two largest economies.

The U.S. Federal Reserve kept its key interest rate steady, maintaining the range between 4.25% and 4.5%, unchanged since December. Fed Chair Jerome Powell said that the economy is healthy but that tariffs will materially affect its trajectory.

Let’s dive into this week’s story of two delivery giants.

Uber’s Q1 Exceeded Expected Profit but Missed Revenue Targets

Uber (NYSE: UBER) is still moving fast, but not quite fast enough for Wall Street.

Here’s how Uber performed in the first quarter of 2025:

• Revenue: US$11.53 billion vs. US$11.62 billion expected (↓0.77%)
• Earnings Per Share: US$0.83 vs. US$0.50 expected  (↑66%)
• Mobility (gross bookings): US$21.18 billion (↑13% YoY)
• Delivery (gross bookings): US$20.38 billion (↑15% YoY)

The revenue grew around 14% in Q1, up from US$10.13 billion in the same quarter of last year, though it still fell slightly short of expectations.

Uber’s core segments – ride-hailing and food and grocery delivery – also saw strong year-on-year booking growth. Notably, Uber One members now account for 60% of Uber Eats gross bookings, reflecting rapid growth in its subscription service. 

🚗 Full Speed Ahead

Looking ahead to the second quarter of 2025, Uber provided a positive outlook, anticipating Gross Bookings in the range of US$45.75-US$47.25 billion, representing a year-over-year growth of 16% to 20%.

This optimistic guidance suggests that Uber expects the strong performance observed in the first quarter to continue.

DoorDash Doubles Down on Deals

DoorDash (NYSE: DASH) dished up a solid Q1, with revenue rising 20.7% year over year to US$3.03 billion, just shy of expectations by 1.96%. Total orders also jumped 18% YoY to 732 million. Bon appétit!

Adjusted EBITDA came in at US$590 million, up more than 50% year over year.

🍔 Big Appetite

DoorDash is making big moves beyond your front door.

They recently announced plans to acquire the UK food-delivery company Deliveroo, with the deal expected to close in Q4 2025.

Another standout this quarter was its acquisition of SevenRooms, a restaurant tech platform that’ll let DoorDash move deeper into back-end software and reservations. It’s a move that signals DoorDash wants to be more than just a delivery app – it wants to power the entire dining experience.

🔦 Some other things we’re shining the Spotlight on:

 JB TURNS THE VOLUME DOWN… JUST A LITTLE: Despite a “challenging and competitive” retail environment, JB Hi-Fi (ASX: JBH) reported continued sales growth in its March quarter update. While the growth rate has moderated slightly compared to previous periods, the company’s overall performance remains strong. JB Hi-Fi Australia saw a 6.5% increase in total sales, while same-store sales across JB Hi-Fi New Zealand soared 7.5%.

APPLE GOES AI HUNTING: Apple is reportedly exploring the integration of AI-powered search engines into its Safari browser, potentially ending its long-standing reliance on Google Search. This news sent ripples through the tech world, causing Alphabet’s shares to fall as much as 8.7% on Wednesday. This move signals a potential shift in the search landscape.

ANZ PROFIT FLATLINES AS CEO DEPARTS: ANZ (ASX: ANZ) posted a flat first-half profit of A$3.56 billion and held its dividend at 83¢ per share. Margins were squeezed, but lending rose and their share buyback option got a 12-month extension. Outgoing CEO Shayne Elliott signs off after nearly a decade, handing the reins to HSBC veteran Nuno Matos.

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