Uber Technologies (NYSE: UBER) reported its first quarter financial results for the first time as a public company on Thursday. Its stock price rose, a sign that investors are pleased with its financial performance.
UBER shares closed $39.80 a piece, down by 0.25 percent but went up by 1.76 percent to $40.50 each during the after-hours trading.
Uber first quarter financial results
During the first quarter, Uber achieved a 20 percent increase in revenue to $3.10 billion from $2.58 billion in the same period last year. Its revenue exceeded the $3.04 billion expected by Wall Street analysts, according to Refinitiv.
Its net loss rose 166 percent from $478 million to $1.01 billion, in line with the $1.01 billion estimated by analysts, according to Refinitiv.
Uber’s net income declined from $3.75 billion in the first quarter last year to -$1.1 billion.
The ride-hailing company’s gross bookings improved 34 percent from $10.9 billion to $14.65 billion.
In a statement, Uber CEO Dara Khosrowshahi stated that the engagement across the ride-hailing company’s platform reached a record high, an average of 17 million trips per day. He added that Uber’s annualized gross booking run-rate was $59 billion.
Uber is focused on executing its growth strategy
According to him, “Earlier this month we took the important step of becoming a public company, and we are now focused on executing our strategy to become a one-stop shop for local transportation and commerce. Our global reach continues to be an important differentiator, and we maintained leadership of the ride-sharing category in every region we serve.”
