New York – Uber’s Q1 Losses Reach $1B Despite Revenue Growth

    0

    The Uber banner hangs on the facade of the New York Stock Exchange, Friday, May 10, 2019. (AP Photo/Richard Drew)New York – Uber is continuing to bleed money even as it posts dramatic revenue growth.

    Join our WhatsApp group

    Subscribe to our Daily Roundup Email


    In its first financial release since its lackluster IPO, Uber reported Thursday that revenue rose to $3.1 billion in the first quarter of 2019, up 20% from the same time last year. But the ride-hailing giant posted $1 billion in losses as it fights to maintain market share.

    Chief Financial Officer Nelson Chai says Uber will not hesitate to invest to defend its market position. He also says he’s noticed less aggressive pricing by competitors.

    CEO Dara Khosrowshahi says customer engagement across Uber’s platform was higher than ever with an average of 17 million trips per day.

    Uber went public three weeks ago and its shares have been trading below its IPO price ever since.


    Listen to the VINnews podcast on:

    iTunes | Spotify | Google Podcasts | Stitcher | Podbean | Amazon

    Follow VINnews for Breaking News Updates


    Connect with VINnews

    Join our WhatsApp group