Uber reports losses of 2.9 bln USD in first quarter

The company's revenue counted 14 percent growth year over year, or 16 percent on a constant currency basis. Its net loss reached 2.9 billion U.S. dollars, which included 277 million dollars in stock-based compensation expense and pre-tax impairment write-downs of 2.1 billion dollars.

Uber's gross bookings grew to 15.8 billion U.S. dollars, up 8 percent year over year, or 10 percent on a constant currency basis, with Rides business declining 3 percent and Eats growing 54 percent year over year, respectively, on a constant currency basis, according to its financial report.

Uber's Rides adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) delivered 581 million U.S. dollars in profit, up 389 million dollars year over year, and down 161 million dollars quarter over quarter, and 23.5 percent margin as a percentage of ANR (Adjusted Net Revenue), the financial report said.

"While our Rides business has been hit hard by the ongoing pandemic, we have taken quick action to preserve the strength of our balance sheet, focus additional resources on Uber Eats, and prepare us for any recovery scenario," said Dara Khosrowshahi, Uber's CEO. "Along with the surge in food delivery, we are encouraged by the early signs we are seeing in markets that are beginning to open back up."

The company's unrestricted cash, cash equivalents and short-term investments were 9 billion U.S. dollars. "Our ample liquidity provides us with substantial flexibility to navigate the current crisis," said Nelson Chai, Uber's CFO.

"We have recently exited eight unprofitable Eats markets, significantly reduced the size of our customer support and recruiting teams, and merged our JUMP unit into Lime... We are continuing to look at all levers to ensure our core Rides and Eats businesses emerge from this crisis stronger than ever," he added.