Uber posts 1 bln USD loss for first quarter of 2019

2019-05-31 05:44

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SAN FRANCISCO, May 30 (Xinhua) -- U.S. ride-hailing leader Uber Technologies, Ltd. on Thursday unveiled its first earnings report since it went public earlier this month, which posted a loss of about 1 billion U.S. dollars.

Uber said it incurred an adjusted loss of 2.26 dollars per share on revenue of about 3.1 billion dollars in the first quarter of 2019, which ended on March 31.

The first quarter revenue rose 20 percent from 2.58 billion dollars during the same period of 2018, said the San Francisco-based ride-sharing company.

Uber said it had 93 million Monthly Active Platform Consumers by the end of the first quarter this year, up 33 percent from 70 million riders over the corresponding period of 2018.

"Earlier this month we took the important step of becoming a public company, and we are now focused on executing our strategy to become a one-stop shop for local transportation and commerce," said Uber CEO Dara Khosrowshahi.

Uber had "an average of 17 million trips per day and an annualized gross bookings run-rate of 59 billion dollars" in the past three months, Dara added.

The U.S. ride-hailing giant saw gross bookings surge 41 percent year over year, which almost remained the same as the figure of 43 percent in the fourth quarter of 2018.

"Our Q1 2019 results were at or near the high end of the ranges we shared last month in our IPO prospectus," Uber Chief Financial Officer Nelson Chai said.

Uber made its debut on May 10 on the New York Stock Exchange at a disappointing price of 42 dollars per share, trading below its anticipated price of 45 dollars per share.
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