Uber reported first-quarter revenue on Wednesday that missed estimates, but the ride-hailing giant issued bookings guidance for the current quarter that exceeded analysts’ expectations.

The stock jumped 8% following the earnings release.

Here’s how the company did versus Wall Street’s expectations, according to estimates compiled by LSEG:

• Earnings per share: 13 cents vs. 70 cents expected
• Revenue: $13.2 billion vs. $13.29 billion expected

Uber said its net income took a $1.5 billion hit due to the revaluation of equity investments. On a non-GAAP basis, earnings per share came to 72 cents, the company said in its earnings release on Wednesday. Uber has equity investments in Didi and Grab, both based in Asia.

Because of the “pre-tax headwind” from the revaluations, net income fell to $263 million from $1.78 billion a year earlier. Revenue in the quarter increased 14% from $11.5 billion a year ago.

Uber’s delivery segment, the fastest-growing part of the business, recorded 34% revenue growth to $5.07 billion from $3.78 billion in the same quarter last year. That topped the average analyst estimate of $4.89 billion, according to StreetAccount.

The company said delivery growth was strong in Australia, Japan, and the U.K.

“The consumer is spending, they’re spending locally, and we don’t see any signs of that weakening at this point,” CEO Dara Khosrowshahi told CNBC in an interview on Wednesday.

The revenue miss was due to the performance of Uber’s mobility, or ride-hailing, business. Sales rose 5% from a year earlier to $6.8 billion, while analysts had expected revenue of $7.11 billion, according to StreetAccount.

In prepared remarks ahead of the earnings call, Khosrowshahi said Uber faced a “complex macro backdrop marked by weather disruptions, geopolitical tensions, and gas price volatility.” Since the U.S. began combat operations in Iran in February, gas prices in the U.S. have jumped about 50%.

The higher prices are particularly challenging for Uber drivers, who foot the bill for their fuel. In late March, Uber unveiled some fuel discounts and other offers for drivers that are set to last through nearly the end of May.

Khosrowshahi told CNBC that Uber has seen little impact on consumers from the rise in energy prices, though Middle East operations have felt the aftershocks.

The company reported 3.6 billion trips during the first quarter. Gross bookings increased 25% to $53.7 billion, beating the $52.8 billion average estimate. For the second quarter, the company expects bookings of $56.25 billion to $57.75 billion, ahead of $56.17 billion consensus estimate.

Uber has been investing in autonomous vehicles, and plans to buy AVs from some of its partners, including Waabi, Wayve, Rivian and Nuro, after they’re validated as safe to operate without a human supervisor or driver on board.

The company’s AV partners also include robotaxi service providers, such as Alphabet’s Waymo and WeRide in China, that want their self-driving vehicles to be available…

BEIJING — At least three Chinese robotaxi companies are pressing ahead with expansion plans in the Middle East despite the ongoing Iran war.

Ride-hailing company Didi plans to begin its first overseas robotaxi test in the United Arab Emirates later this year, according to a statement Wednesday.

Zhang Bo, co-founder of Didi and head of its autonomous driving business, disclosed the plans at a UAE-China business cooperation forum in Beijing earlier this week, according to the statement. Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan met Chinese President Xi Jinping in Beijing on Tuesday as part of a three-day state visit.

Didi’s UAE testing plan follows a broader push by Chinese autonomous driving companies in the region.

Guangzhou-based WeRide said earlier this month it had launched fully driverless, fare-charging robotaxi service in Dubai’s Jumeirah and Umm Suqeim districts. Riders can book a robotaxi through Uber‘s app.

Pony.ai is also pursuing commercial operations in the emirate. In late March, Pony.ai CEO James Peng said in response to a CNBC question that the war had not affected its application for a commercial license in Dubai and that he viewed the conflict as short term.

The Chinese robotaxi company said in September that it received permission from Dubai’s Roads and Transport Authority to test autonomous driving locally.

Baidu‘s robotaxi unit Apollo Go also announced on April 1 that residents and visitors in Dubai could start hailing fully driverless rides through its app. It was not immediately clear whether there were restricted areas of operation.

Dubai’s media office said in a social media post that the rollout would start with 50 vehicles, with plans for over 1,000 robotaxis over the next few years.

Chinese robotaxi companies have ramped up their global expansion plans in the last two years, with the Middle East emerging as an early launch market, followed by tests in Europe. Meanwhile, Alphabet-backed Waymo has rolled out fleets across more of the U.S. and has begun tests in London and Japan.