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| Uber posts $1bn loss weeks after stock market listing | Uber posts $1bn loss weeks after stock market listing |
| (about 4 hours later) | |
| Uber has posted a $1bn (£790m) loss as the ride-hailing 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 results 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. |
| 'Long journey' | 'Long journey' |
| 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." | He added that Uber was prepared to keep spending. "We will not hesitate to invest to defend our market position globally." |
| The company has ambitions to move into electric scooters, e-bikes, and even aircraft, allowing people to hail rides via their smartphones. | The company has ambitions to move into electric scooters, e-bikes, and even aircraft, allowing people to hail rides via their smartphones. |
| During a conference call after publication of the results, Uber boss Dara Khosrowshahi said the company's disappointing start as a public business was just a step on "the long journey of making Uber a platform for the movement of people and transport of commerce around the world at a massive scale". | During a conference call after publication of the results, Uber boss Dara Khosrowshahi said the company's disappointing start as a public business was just a step on "the long journey of making Uber a platform for the movement of people and transport of commerce around the world at a massive scale". |
| Short sellers | Short sellers |
| 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. | 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. | 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". | One analyst, Atlantic Equities' James Cordwell, said a lack of any forward guidance in Thursday's statement "is a little disappointing". |