Uber share price up 3% after Q1 results revenue beat
The ridesharing company's stock rises slightly after its first earnings report since launching its IPO.
Uber’s share price is rising in US after-hours trading after its first ever earnings report mostly fell in line with financial analysts' expectations.
Uber earnings:key figures
| Net loss | $1.01 billion |
| Revenue | $3.10 billion |
Uber’s first earnings report after volatile IPO launch
Uber launched its initial public offering (IPO) with a valuation of $82 billion and shares at $45. However, the rideshare corporation’s stock has been underperforming since its IPO debut. Uber lost $1.01 billion in Q1 and matched Wall Street’s prediction of a $1.01 billion loss for the company. Uber’s Q1 revenue was $3.10 billion, slightly exceeding the projected $3.04 billion. The ridesharing app’s monthly active platform user numbers rose to 93 million, an increase of 33%.
Chief executive officer (CEO), Dara Khosrowshahi, spoke about Uber's Q1 earnings report.
‘In the first quarter, engagement across our platform was higher than ever, with an average of 17 million trips per day and an annualised gross bookings run-rate of $59 billion', said Khosrowshahi.
‘Our global reach continues to be an important differentiator, and we maintained leadership of the ridesharing category in every region we serve,’ added Khosrowshahi.
Chief financial officer (CFO), Nelson Chai, also touted Uber's Q1 results despite the large losses in a statement.
'Our Q1 2019 results were at or near the high end of the ranges we shared last month in our IPO prospectus,' said Chai.
Find out more about Uber stock
How did Uber’s Q1 earnings compare to Lyft?
Uber’s Q1 earnings report was similar to Lyft’s Q1 results report. Lyft also had major losses, but better-than-expected revenue in its first earnings report.
What’s next for Uber?
Chai noted that Uber will continue to invest in global expansion.
‘Our investments remain focused on global platform expansion and long-term product and technology differentiation, but we will not hesitate to invest to defend our market position globally,’ said Chai.
The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer.
Trade Uber shares
Uber listed on the New York Stock Exchange in May 2019. Find out more about the valuation, as well as how you can trade on Uber stock.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
