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| Uber posts $1bn loss weeks after stock market listing | Uber posts $1bn loss weeks after stock market listing |
| (30 minutes later) | |
| Uber has posted a $1bn (£790m) loss as the taxi firm delivered its first 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. | The quarterly loss came despite a 20% a rise in revenues to $3.1bn and increase in monthly active users to 93 million. |
| The profit figures were in line with many analysts' forecasts and may provide reassurance about the company's future profitability. | The profit figures were in line with many analysts' forecasts and may provide reassurance about the company's future profitability. |
| Uber shares have sunk almost 11% since it listed on Wall Street on 10 May. | 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. | 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. |
| But 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. | But 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. |
| Short sellers | |
| Finance chief Nelson Chai said he had recently seen some less aggressive pricing by competitors, which include arch rival Lyft. | |
| He added that Uber was prepared to keep spending. "We will not hesitate to invest to defend our market position globally." | |
| Boss Dara Khosrowshahi said in a statement: "In the first quarter, engagement across our platform was higher than ever, with an average of 17 million trips per day and an annualized gross bookings run-rate of $59bn." | Boss Dara Khosrowshahi said in a statement: "In the first quarter, engagement across our platform was higher than ever, with an average of 17 million trips per day and an annualized gross bookings run-rate of $59bn." |
| The share price was almost flat in after-hours trading immediately following release of the numbers, but then jumped 1.6% higher before falling back. | |
| Some analysts have expressed unease about the company ever making a profit. The number of investors betting that Uber's share price will fall - called short-selling - has risen during the past two weeks. | |
| One analyst, Atlantic Equities' James Cordwell, said a lack of any forward guidance in Thursday's statement "is a little disappointing". |