May 31, 2019

Uber posts $1bn loss weeks after stock market listing

Uber has posted a $1bn loss as the taxi firm delivered its first profit figures since a disappointing flotation earlier this month. The quarterly loss came despite a 20% a rise in revenues to $3.1bn and increase in monthly active users to 93 million. Uber shares have sunk almost 11% since it listed on Wall Street on 10 May. The company is the biggest of a group of Silicon Valley start-ups that have gone public this year against the backdrop of a global stock market sell-off sparked by renewed US-China trade tensions. Uber has also faced strong competition in the smartphone ride-hailing business, and incurred extra costs for signing up new drivers and establishing the Uber Eats delivery service. The share price was almost flat in after-hours trading following release of the numbers.

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