Technology

Uber remains trapped in deep red figures

Uber Presents Quarterly Figures Before US Market Opens: Results Could Surprise the Market.

Eulerpool News May 9, 2024, 2:00 PM

Uber Posts Unexpected Loss in First Quarter of 2024 Despite Revenue Increase Compared to the Previous Year. The US ride-hailing service reported a loss of $0.32 per share, while analysts had forecasted a profit of $0.22 per share. The loss in the same quarter of the previous year was at $0.08 per share.

The heading translates to English as:

"Revenue increased to $10.13 billion, up from last year's sales of $8.82 billion, and slightly exceeding market expectations of $10.09 billion. Despite the increase in revenue, Uber's shares fell by 6.03 percent to $66.18 in pre-market trading on the NYSE."

These figures show that although Uber is growing in revenue, it faces challenges regarding profitability, which is making investors uncertain and led to a share price decline before the stock market opened.

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