Uber Technologies Drops 9% In Pre-market On Wider Loss, Missing The Street

(RTTNews) - Shares of Uber Technologies, Inc. (UBER) were falling more than 9 percent in pre-market on Wednesday to $63.71, after reporting wider loss in the first quarter, below analysts' view.

Uber reported a net loss 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, primarily due to $721 million loss on debt and equity securities.

On average, 31 analysts polled by Thomson Reuters expected the company to report earnings of $0.23 per share for the quarter.

Revenue for the quarter grew 15 percent year on year to $10.1 billion. The consensus estimate as or $10.11 billion.

Uber shares had closed at $70.43, down 1.51 percent on Tuesday. The stock has been trading in the range of $37.07 - $82.14 in the last 1 year.