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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 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.
Short sellers
Finance chief Nelson Chai said he had recently seen some less aggressive pricing by competitors, which include arch rival Lyft.
He added that Uber was prepared to keep spending. “We will not hesitate to invest to defend our market position globally.”
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 immediately following release of the numbers, but then jumped 1.6% higher before falling back.
Some analysts have expressed unease about the company ever making a profit. The number of investors betting that Uber’s share price will fall – called short-selling – has risen during the past two weeks.
One analyst, Atlantic Equities’ James Cordwell, said a lack of any forward guidance in Thursday’s statement “is a little disappointing”.