Uber posts $1b loss in Q1

In this file photo taken on 10 May 2019 a screen shows the numbers of Uber during the ride sharing companie`s IPO at the New York Stock Exchange (NYSE) on Wall Street in New York City. Photo: AFP
In this file photo taken on 10 May 2019 a screen shows the numbers of Uber during the ride sharing companie`s IPO at the New York Stock Exchange (NYSE) on Wall Street in New York City. Photo: AFP

Ride share giant Uber on Thursday reported a $1 billion loss in the first quarter of this year despite rising revenue and monthly users.

In its first earnings report as a publicly traded company, Uber said revenue climbed 20 percent to $3.1 billion from the same quarter last year, but that it lost a billion dollars.

"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 $59 billion," said Uber chief executive Dara Khosrowshahi.

The earnings were in line with Wall Street expectations. Uber shares were down less than a percent to $39.46 in after-market trades that followed release of the earnings figures.