In Uber's first reported earnings as a public company, it revealed a net loss of $1.1bn, in line with analyst's expectations.
The ride-hailing giant, which went public on the New York Stock Exchange on May 10, also reported a total revenue of $3.1bn, slightly higher than the estimated $3.04bn and at the higher end of the expected range it provided in its IPO filing. The revenue of 1Q19 marks a 20% increase from the same time last year when Uber unveiled revenue of $2.58bn for the quarter.
Uber's ride to IPO was a rocky one, with its estimated valuation dropping from $120bn late last year to $100bn and again to the $82bn it was ultimately valued at when it went public at a share price of $45. The company acknowledged in its IPO paperwork that it may never be profitable having "incurred significant losses since inception", leading analysts and investors to debate heavily about whether the company will ever turn a profit.
The firm put its net loss down to the competitive pressures in the ride-sharing market – its main competitor Lyft also went to IPO at the end of March – as well as the costs of signing up drivers and paying restaurants in the case of Uber Eats.
Over the same period, the firm saw significant growth from Uber Eats compared to the 1Q18. Adjusted net revenue for the period, which measures revenue after payments to the drivers and restaurants, was $239m, a growth of 31% and gross bookings saw an increase of 108% to $3.07bn.
During a call with analysts, Uber CEO Dara Khosrowshahi was very positive about the Uber Eats segment of the business, saying that it has potential to grow significantly and if it ultimately overtakes the ride-hailing aspect of the business "that would be an enormous win" for Uber.