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Elham AbolFateh

Automobile

Uber faces $1 billion loss

Sunday 02/June/2019 - 10:41 AM
Uber
Uber
Basant Ahmed
Al Aan TV broadcasted a report featuring Uber braces for $1 Billion Loss in the first three months of 2019.
Uber's loss wasn't a surprise—indeed، it was right in line with expectations. Wall Street shrugged off the news، with the stock rising around one percent in the hours after the results were announced. Uber's stock price is now slightly below Thursday's closing price at $39.60، Ars Technica reported.

Uber has lost money almost every quarter since its founding a decade ago. Uber lost $4.46 billion in calendar year 2017 on a GAAP basis. Uber suffered a relatively modest $370 million GAAP loss in 2018، largely thanks to a one-time boost from a multi-billion dollar deal with Yandex.
Uber's revenue last quarter was $3.1 billion، up 20 percent from the first quarter of 2018. That primarily reflects rapid growth of Uber Eats، which has been growing much more quickly than Uber's core taxi service.

Uber raised $8.1 billion in its initial public offering earlier this year، so the company can sustain losses like this for several more quarters at least. But investors are presumably expecting to earn a positive return on their investments at some point—and the path to profitability isn't obvious.

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