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Uber loses $1bn in first quarter due to high spending on food, drivers

Revenue of $3.1 billion matched the high end of the range Uber forecast for the quarter and the loss of $1.0 billion compared with the company's forecast of $1.0 billion to $1.11 billion

Alexandria Sage & Arjun Panchadar | Reuters  |  San Francisco/Bengaluru 

Uber Technologies Inc reported a $1 billion loss on Thursday as the ride-hailing service spends heavily to build up its food delivery and freight businesses, sending revenues up 20% in its first quarterly report as a public company. Revenue of $3.1 billion matched the high end of the range Uber forecast for the quarter and the loss of $1.0 billion compared with the company's forecast of $1.0 billion to $1.11 billion. Shares rose 2.6% following a conference call with executives in which Chief Executive Dara Khosrowshahi cited business improvements, such as fewer consumer ...

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First Published: Fri, May 31 2019. 08:23 IST
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