Uber Q1 Net Loss Sharply Widens

(RTTNews) - Ride-hailing and delivery platform Uber Technologies, Inc. (UBER) reported Wednesday a net loss attributable to Uber of $654 million or $0.32 per share for the first quarter, sharply wider than $157 million or $0.08 per share in the prior-year quarter.

The latest results included a $721 million net headwind (pre-tax) due to net unrealized losses related to the revaluation of Uber's equity investments.

On average, 31 analysts polled by Thomson Reuters expected the company to report earnings of $0.23 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter grew 15 percent to $10.13 billion from $8.82 billion in the same quarter last year. Revenue also grew 15 percent on a constant currency basis. Analysts expected revenues of $10.11 billion for the quarter.

Gross Bookings grew 20 percent to $37.7 billion, or 21% on a constant currency basis, from last year.

Looking ahead to the third quarter, the company anticipates adjusted EBITDA of $1.45 billion to $1.53 billion, and gross bookings in the range of $38.75 billion to $40.25 billion.

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