Report
Pierre FerraguÊ

Bible 2Q25 – Ride-sharing & Delivery: Lower Prices, Higher Profits. Waymo Stalling in San Francisco?

Today, we are publishing the Ride-sharing and delivery section of our 28th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. In the coming weeks we will publish sections on Automotive, Memory, Hyperscale & Cloud, Telecom Equipment, Industrials, PCs, Enterprise IT, Foundry, and Semicap Equipment.

Ride-sharing bookings decelerated slightly in 2Q25, driven by lower prices. But EBITDA per trip increased, as the price decline was led by easing insurance costs, a pass-through item with no impact on platform profitability. In robotaxi, Waymo’s reported rides per week were broadly flat sequentially. Could this be the first sign that its market share in San Francisco is nearing a ceiling, even as other cities are still scaling?
Underlyings
Baidu Inc Sponsored ADR Class A

GRAB HLDGS LTD

Lyft

Lyft operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. The company provides Ridesharing Marketplace, which facilitates lead generation, billing and settlement, support, and related activities to enable drivers to provide their transportation services to riders. The company also offers a network of shared bikes and scooters in various cities to address the needs of riders for shorter routes; Express Drive program, a flexible car rentals program which connects drivers who need access to a car with third-party rental car companies; and concierge for organizations to manage the transportation needs of their customers and employees.

Tesla Inc

Tesla designs, develops, manufactures, sells and leases electric vehicles and energy generation and storage systems, and provides services related to its products. The company operates as two reportable segments: automotive, which includes the design, development, manufacturing, sales, and leasing of electric vehicles as well as sales of automotive regulatory credits; and energy generation and storage, which includes the design, manufacture, installation, sales, and leasing of solar energy generation and energy storage products, services related to such products, and sales of solar energy system incentives.

Uber Technologies Inc.

Uber Technologies provides ride hailing services. The company develops application for road transportation, navigation, ride sharing, and payment processing solutions. The company serves customers in the United States and Canada, Latin America, Europe, Middle East, and Asia Pacific markets, excluding its discontinued China operations.

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New Street Research
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Analysts
Pierre FerraguÊ

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