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Uber revenue up 20% in Q1, but posts net loss of $1.01 billion

May 31, 2019

Revenue rose 20% at Uber Technologies Inc. (NYSE: UBER) in the company’s first quarter ended March 31, the San Francisco-headquartered human cloud firm reported Thursday afternoon. However, the company, which went public earlier this month, posted a net loss of $1.01 billion.

(US$ millions) Q1 2019 Q1 2018 % change
Revenue $3,099 $2,584 20%
Net loss ($1,012) $3,748 nm

Uber reported 17 million trips per day on its platform, including both ridesharing trips and Uber Eats trips. Gross bookings, which includes total spend except driver tips, rose 41% year over year in constant currency and excluding the impact of divestitures. Spend includes ridesharing, new mobility rides (which includes Jump Bike), Uber Eats deliveries and Uber Freight shipping.

Revenue rose 9% in its ridesharing segment, but the fastest growth was in its Uber Eats segment, where revenue grew 89%.

Revenue by segment

(US$ millions) Q1 2019 Q1 2018 % change
Ridesharing $2,376 $2,180 9%
Uber Eats $536 $283 89%
Vehicle solutions $10 $55 -82%
Other revenue $32 $26 23%

More than half of Uber’s core platform revenue — ridesharing and Uber Eats — comes from the US and Canada.

Revenue by geography for core platform

(US$ millions) Q1 2019 Q1 2018 % change
US and Canada $1,750 $1,387 26%
Latin America $450 $518 -13%
EMEA $487 $388 26%
Asia Pacific $267 $251 6%

Quote

“Our Q1 2019 results were at or near the high end of the ranges we shared last month in our IPO prospectus,” CFO Nelson Chai said in a statement. “Our investments remain focused on global platform expansion and long-term product and technology differentiation, but we will not hesitate to invest to defend our market position globally.”

Share price and market cap

Shares in Uber were up 0.13% to $39.85 as of 12:05 p.m. Eastern time; the company had a market cap of $66.96 billion, according to FT.com.

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