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Uber Posts $1 Billion First-Quarter Loss
Ride-hailing service Uber Technologies Inc. reports a net loss of $1 billion in January-March, its first quarter as a publicly traded company.
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Ride-hailing service Uber Technologies Inc. reports a net loss of $1 billion in January-March, its first quarter as a publicly traded company.
The loss compares with $865 million in red ink in the previous quarter. Uber generated a $3.8 billion profit in the first quarter of last year, when results were buoyed by the sale of stakes in ventures with Singapore-based food delivery service Grab and Russian ride-sharing provider Yandex.
Uber’s revenue in the first quarter totaled $3.1 billion, which is at the top end of the company’s guidance for the period and up 20% from a year ago. Gross bookings rose 34% to $14.6 billion.
But Uber’s operating loss more than doubled, mainly because of the cost of preparing for the launch of the company’s initial public offering three weeks ago.
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