Uber posts net loss of $5.9 billion as Asia investment values fall

Khosrowshahi said Uber's driver base is at a "post-pandemic high" and that it expects engagement to continue "without significant incremental incentive investments."

Uber recorded a net loss of $5.9 billion due to unrealised losses from stakes in Didi Global, Grab Holdings and Aurora Innovation, but delivered a positive outlook for earnings in the current period. It signalled the company plans to capitalise on robust ride demand without compromising profits by focusing on product changes, rather than incentives, to address the driver shortage.

The ride-sharing and delivery company projected gross bookings of $28.5 billion to $29.5 billion in the second quarter and adjusted earnings before interest, tax, depreciation and amortisation of $240 million to $270 million. The top end of both ranges beat the