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Uber Posts Significant Loss In Q1, But Revenue Surges

Uber Technologies (UBER) on Wednesday said its net loss was $5.93 billion or $3.04 per share in the first quarter, wider than $108 million or $0.06 per share loss in the same quarter a year ago due to $5.6 billion headwind relating to the company's equity investments. However, its sales for the period skyrocketed from the year-ago period.

Sales for the quarter increased 136% to $6.854 billion from $2.903 billion last year.

On average, 30 analysts polled by Thomson Reuters expected the company to report loss of $0.24 per share on revenue of $6.13 billion for the quarter. Analysts' estimates typically exclude special items.

Gross booking in the quarter rose to 26.449 billion from $19.536 billion a year ago.

Looking forward, Uber expects gross Bookings in the range of $28.5 billion to $29.5 billion in the second quarter.

"With free cash flow approaching breakeven in Q1, we now expect to generate meaningful positive free cash flows for full-year 2022," said Nelson Chai, CFO.

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