Uber Burns Through US$1bn In First Quarter
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2019-05-31 HKT 04:42
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Ride share giant Uber on Thursday reported a US$1 billion loss in the first quarter of this year despite rising revenue and monthly users.
In its first earnings report as a publicly traded company, Uber said revenue climbed 20 per cent to US$3.1 billion from the same quarter last year, but that it lost a billion dollars.
"In the first quarter, engagement across our platform was higher than ever, with an average of 17 million trips per day and an annualised gross bookings run-rate of US$59 billion," said Uber chief executive Dara Khosrowshahi.
The earnings were in line with Wall Street expectations. Uber shares were down less than a percent to US$39.46 in after-market trades that followed release of the earnings figures. (AFP)
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