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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.
Uber loses $1 billion in quarter as costs grow for drivers, food delivery
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