Economics
Uber Will Reduce Promotions After Losing $1 Billion in a Quarter
- Revenue in the quarter was $2.76 billion, a 14% increase
- Gross bookings, a key measure for customer spending, slowed
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Uber Technologies Inc., in its first financial report as a public company, posted first-quarter sales near the high end of its previously disclosed preliminary results. The company also reported a $1.01 billion quarterly loss, among the largest of any public company.
Nelson Chai, the chief financial officer, laid out a path for costs to eventually come down. On a conference call after the report, Chai said Uber will cut back on customer promotions and that marketing expenses as a percentage of revenue should decline in the second quarter. Shares jumped as much as 4.3% in after-hours trading, following Chai's comments.