Uber Loses $1bn in Q1, 2019

• Uber Loses $1bn in Q1, 2019

Uber, American multinational ride sharing giant, continued to struggle in the first quarter of the year despite posting better than expected revenue and monthly users.

The company posted another $1 billion loss in its first financial report as a public listed company.

While Uber grew revenue by 20 percent to $3.1 billion in the first quarter of 2019, it also reported a loss of $1 billion.

Dara Khosrowshahi, Uber Chief Executive, said: “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.”

Still, the company can’t seem to curb its losses since offering its first rides eight years ago.

The company shares rose 2.9 percent to $40.97 in after-market trades as the revenue generated in the quarter was in line with Wall Street prediction.