Uber posts $1bn loss weeks after stock market listing

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Uber’s shares have fallen more than 10% since the company floated this month

Uber has posted a $1bn (£790m) loss as the taxi firm delivered its first profit figures since a disappointing flotation earlier this month.

The quarterly loss came despite a 20% a rise in revenues to $3.1bn and increase in monthly active users to 93 million.

The profit figures were in line with many analysts’ forecasts and may provide reassurance about the company’s future profitability.

Uber shares have sunk almost 11% since it listed on Wall Street on 10 May.

The company is the biggest of a group of Silicon Valley start-ups that have gone public this year against the backdrop of a global stock market sell-off sparked by renewed US-China trade tensions.

But Uber has also faced strong competition in the smartphone ride-hailing business, and incurred extra costs for signing up new drivers and establishing the Uber Eats delivery service.

Boss Dara Khosrowshahi said in a statement: “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 $59bn.”

The share price was almost flat in after-hours trading following release of the numbers.

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