Uber reports $1B loss in first quarter
Published 12:00 am Friday, May 31, 2019
SAN FRANCISCO — Uber’s start as a publicly traded company has gone from bumpy to bumpier.
In its first earnings report since listing its shares on the stock market this month, the ride-hailing giant Thursday reported its slowest growth in years and steep losses for the first three months of 2019.
Uber’s loss totaled more than $1 billion for the quarter, compared with a profit a year ago that was driven by divestitures. Revenue rose 20% to $3.1 billion, slower than the 25% annual growth it had recorded in the prior quarter. It was the company’s lowest quarterly growth rate since it began disclosing its results in 2017.
CEO Dara Khosrowshahi indicated that Uber’s losses would not end anytime soon because the company planned to keep spending to expand. Uber’s costs and expenses totaled $4.1 billion in the first quarter, up 35% from a year earlier.
Uber’s shares, which have fallen from their $45 offering price, rose in after-hours trading Thursday.