Uber's first quarterly earnings report as a public company tops Wall Street expectations
- On Thursday, Uber released its first earnings report as a public company, which topped Wall Street estimates.
- Uber's stock price has stuttered since it began trading in early May, and sank slightly after the report. Follow the stock in real-time here.
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Uber released first-quarter earnings on Thursday, its first such report since going public earlier in May, that were slightly above Wall Street's expectations and in line with the company's prior guidance.
Here are the important numbers:
- Revenue: $2.76 billion versus $2.75 billion expected
- Net loss: $-1.01 billion versus $1 billion expected
- Adjusted earnings (losses) per share: $-2.26 versus $-2.31
Total trips came in at 1.55 billion, in line with the company's guidance and a 36% increase over the same quarter in 2018. Gross bookings, another closely watched metric for the ride-hailing industry which consists of revenue from Uber services before paying drivers, was $14.65 billion.
Most of these numbers were previously reported by Uber in an update to its IPO filings, which included unaudited first quarter results.
Shares of Uber popped about 1.3% following the earnings release, before quickly sinking into the red.
"Earlier this month we took the important step of becoming a public company, and we are now focused on executing our strategy to become a one-stop shop for local transportation and commerce," CEO Dara Khosrowshahi said in a press release.
"In the first quarter, engagement across our platform was higher than ever, with an average of 17 million trips per day and an annualized gross bookings run-rate of $59 billion. Our global reach continues to be an important differentiator, and we maintained leadership of the ridesharing category in every region we serve."
Uber Eats continues to be a quickly growing business area outside of the company's core ride-hailing service
"We also continue to expand large chain partnerships, including with Starbucks in seven large US cities and international pilot cities," the company's press release says. "Our "aggregator" delivery model (restaurants using their own couriers) has been launched in select markets and well-received by restaurant partners of all sizes."
The company will hold a conference call at 4:30 pm ET to discuss the quarter with Wall Street analysts.