Uber Reports Double-Digit Revenue Growth, Despite Net Loss in First Quarter

Uber, a US digital ride-hailing and delivery services company, reported double-digit revenue growth on Wednesday. The company’s revenue rose 15 percent compared to the same period last year, reaching $10.13 billion. This growth was driven by a significant increase in the number of users and trips in the first three months of this year.

Revenue from transportation services increased by 29 percent to $5.6 billion, while revenue from delivery services increased by four percent to $3.2 billion. Despite this growth, Uber ended the quarter with a net loss of $654 million, three times that of the previous year. However, adjusted underlying profit rose 82 percent to $1.38 billion. Gross bookings also rose 20 percent to $37.7 billion.

The number of active users on the platform in a one-month period increased by 15 percent, and the number of trips by 21 percent. According to CEO Dara Khosrovshahi, growth in transportation was attributed to increased travel to airports and offices, while the service business saw growth from new customers and shorter delivery times. For the second quarter, Uber expects the value of bookings to be in the range of $38.75 billion to $40.25 billion.