Uber continues to be trapped in deep red numbers

Uber presents quarterly figures before US stock market debut: Results could surprise the market.

5/9/2024, 2:00 PM
Eulerpool News May 9, 2024, 2:00 PM

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.

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