Uber loses $1 billion in quarter as costs grow for drivers, food delivery
Updated : May 31, 2019 07:01 AM IST
Revenue of $3.1 billion matched the high end of the range Uber forecast for the quarter and the loss of $1.0 billion compared with the company's forecast of $1.0 billion to $1.11 billion.
Shares rose 2.6 percent following a conference call with executives in which Chief Executive Dara Khosrowshahi cited business improvements, such as fewer consumer promotions in the second quarter, but called 2019 an "investment year."
The results indicate the newly public company was able to hit its own financial targets, likely to offer some assurance to investors.
Have you signed up for Primo, our daily newsletter?
It has all the stories and data on the market, business, economy and tech that you need to know.
THANK YOU! You made our day. See you every morning
YOUR EMAIL IS ON ITS WAY. Check your inbox for future updates.
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more