Uber reported a loss in the first quarter of 2024 contrary to expectations, despite an increase in revenue compared to the previous year. The American ride-sharing company reported a loss of $0.32 per share, while analysts had projected a profit of $0.22 per share. In the same quarter of the previous year, the loss was $0.08 per share.
Revenue rose to $10.13 billion, an increase from the previous year's revenue of $8.82 billion, and slightly exceeded market expectations of $10.09 billion. Despite the revenue growth, Uber's shares fell by 6.03% in pre-market trading on the NYSE to $66.18.
These figures show that while Uber is growing in revenue, it is facing challenges regarding profitability, which unsettled investors and led to a pre-market price drop.