Uber lost $1 billion in fist quarter on Wall Street
Ride hailing company Uber earned $3.1 billion but still ended up down $1.01 billion in the first quarter of this year.
Digital Trends reports that the company also expects those kinds of losses to continue for the rest of the year.
The main culprits behind the cash drain are the expansion of Uber Eats into more cities and restaurant chains, as well as increased rideshare competition from Lyft and smaller companies.
This is Uber’s first earnings report since going public early this year.