Ride-hailing giant Uber has reported its first-quarter results, surpassing analysts’ estimates for revenue but with an unexpected net loss. The company’s revenue for the quarter was $10.13 billion, slightly exceeding the $10.11 billion expected by analysts. However, Uber reported a net loss of $654 million, widening from $157 million in the same quarter last year.
Despite the revenue growth of 15% to $37.65 billion in gross bookings, Uber fell short of analyst expectations. The loss per share was 32 cents, compared to the 23 cents earnings expected by the Wall Street Journal.
Shares of Uber closed down more than 5% on Wednesday following the announcement of the results. CEO Dara Khosrowshahi mentioned that the loss was due to marking down equity stakes. Adjusted EBITDA for the quarter was $1.38 billion, slightly above analyst expectations.
Looking ahead, Uber expects gross bookings between $38.75 billion and $40.25 billion for the second quarter. The number of monthly active platform consumers reached 149 million, up 15% year over year.
Uber’s largest business segments, Mobility and Delivery, reported increased gross bookings. The mobility segment revenue was $5.63 billion, while the delivery segment revenue was $3.21 billion. The company’s freight business, however, reported $1.28 billion in sales for the quarter, showing a decrease of 8% year over year.
Despite the unexpected net loss, Uber remains optimistic about the future and continues to focus on growing its business segments to meet the changing needs of consumers.
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