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Uber posts $1bln loss in first post-IPO results

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Uber posts $1bln loss in first post-IPO results

Uber posts $1bln loss in first post-IPO results

Uber announced a $1 billion quarterly loss and a jump in revenue to $3.1 billion in its first results since going public in early May.

The results reassured some investors but still leaves others wondering how long it will take to turn a profit.

Conway G.

Gittens reports.

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Uber posts $1bln loss in first post-IPO results

One billion dollars.

That's how much money Uber lost last quarter.

In its first report since going public on May 09, the world's leading ride-hailing service on Thursday showed the difficulties of making money with competitors nipping at its back bumper, drivers unsatisfied with wages, and customers hooked on discounts.

But there was a bright side: the billion dollar loss was in in-line with Uber's internal forecasts, quarterly revenues at $3.1 billion was at the top-end of that forecast, and active monthly users rose to 93 million across the globe.

Gross bookings, a key indicator watched by Wall Street because it measures the value of each ride before driver costs and other expenses, that surged 34 percent.

But on the downside, revenue growth is slowing just as losses are speeding up.

Costs surged during the quarter as Uber spent heavily ahead of its market debut.

And with Uber vowing to keep on dishing out cash to stop Lyft from encrouching more on its turf…that caused more doubt the company will turn a profit anytime soon.

But the company promised to offer fewer discounts going forward... and investors cheered that decsion.

But shares of Uber aer still below their $45 IPO price set just a few weeks ago.




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