Uber shows few signs of future profitability with its first post-IPO earnings report
On Thursday, Uber released its first earnings report since going public. Investors are looking for signs that Uber can one day turn profitable, though they’re unlikely to see those signposts today.
The company roughly met analysts’ expectations for its first quarterly report.
The earnings release did little to show when or how Uber will become profitable in the future, but it did show the business continues to get bigger. Gross bookings reached $14 billion, up from $10 billion from the same period a year ago. Meanwhile, Uber Eats, the company’s food delivery business, jumped 89% year over year, generating $536 million for the quarter. The company also has $5.7 billion cash on hand.
However, Uber is still losing money. Notably, its operating losses grew from $478 million to $1 billion year over year.
Uber’s stock closed down a quarter of a percent at $39.80. In after-hours trading, the stock is up 3.5%.
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