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Uber posts narrower-than-expected loss in Q1

Uber Technologies Inc. posted a narrower-than-expected quarterly net loss in its first earnings report as a public company.

Net loss for the quarter ending March 31 came in at $1.01 billion, as compared to a net income of $3.75 billion in the year-ago period. Analysts expected the company to post a net loss excluding exceptions of $1.06 billion for the quarter, according to S&P Global Market Intelligence.

The loss figure was also in line with company expectations. In a filing ahead of its IPO, Uber said it was expecting to report a net loss of $1 billion to $1.11 billion.

San Francisco-based Uber's shares were up 0.85% to $40.14 in after-hours trading.

First-quarter revenue came in at $3.1 billion, up from $2.58 billion in the first quarter of 2018, as the number of monthly active platform consumers climbed to 93 million during the quarter from 70 million a year prior.

Gross bookings for the quarter reached $14.65 billion, up 34% from $10.89 billion a year ago.

Adjusted net revenue for Uber Eats grew 31% to $239 million during the quarter from $183 million in the first quarter of 2018. Uber also saw year-over-year growth of 108% in its gross bookings for Uber Eats to $3.07 billion from $1.47 billion.

Adjusted net revenue for Uber's ride-sharing business rose 10% to $2.34 billion from $2.12 billion in the year-ago period.