SAN FRANCISCO — Uber’s begin as a publicly traded firm has gone from bumpy to bumpier.
In its first earnings report since itemizing its shares on the inventory market earlier this month, the ride-hailing large on Thursday reported slowing progress and steep losses for the primary three months of 2019.
Uber posted a lack of greater than $1 billion for the quarter, in contrast with a revenue that was pushed by divestitures a 12 months earlier. Income rose 20 % to $3.1 billion, slower than the 25 % annual progress it had recorded within the prior quarter.
The outcomes compounded a turbulent few months for Uber. This 12 months was speculated to have been a triumph for the corporate, with what was set to be an excellent preliminary public providing. However that providing ended with a whimper as traders questioned whether or not the deeply unprofitable firm might ever earn money. Uber’s inventory has since fallen greater than 11 % and its executives have been excoriated for his or her efficiency.
In a press release on Thursday, Dara Khosrowshahi, Uber’s chief government, emphasised that customers are extra engaged with the ride-hailing firm than ever earlier than and that it continues to dominate in all of the areas the place it operates.
“We are actually centered on executing our technique to turn out to be a one-stop store for native transportation and commerce,” he stated.