Uber’s First Earnings Report After I.P.O. Shows Slowing Growth and $1 Billion Loss
SAN FRANCISCO — Uber’s start as a publicly traded company has gone from bumpy to bumpier.
In its first earnings report since listing its shares on the stock market earlier this month, the ride-hailing giant on Thursday reported slowing growth and steep losses for the first three months of 2019.
Uber posted a loss of more than $1 billion for the quarter, compared with a profit that was driven by divestitures a year earlier. Revenue rose 20 percent to $3.1 billion, slower than the 25 percent annual growth it had recorded in the prior quarter.
The results compounded a turbulent few months for Uber. This year was supposed to have been a triumph for the company, with what was set to be a glorious initial public offering. But that offering ended with a whimper as investors questioned whether the deeply unprofitable company could ever make money. Uber’s stock has since fallen more than 11 percent and its executives have been excoriated for their performance.
In a statement on Thursday, Dara Khosrowshahi, Uber’s chief executive, emphasized that users are more engaged with the ride-hailing company than ever before and that it continues to dominate in all the regions where it operates.
“We are now focused on executing our strategy to become a one-stop shop for local transportation and commerce,” he said.