Proactive Investors - Uber Technologies Inc (NYSE:UBER) shares were down on Wednesday after the ride-hailing and food delivery platform reported an unexpected loss.
Gross bookings in the first quarter rose 20% year-over-year to $37.70 billion, with the Mobility taxi arm increasing 25% to $18.70 billion and delivery climbing 18% to $17.70 billion.
Revenue of $10.10 billion was up 15%, just ahead of Wall Street forecasts of $10 billion, while a net attributable loss of $654 million was made, up from $157 million a year ago and a $1.4 billion profit in the fourth quarter of last year. The loss reflected $721 million of net unrealized losses related to the revaluation of equity investments.
"Our GAAP net income may continue to see swings from quarter-to-quarter due to the large size of equity stakes on our balance sheet," said CEO Dara Khosrowshahi in a statement.
He said Uber's $5.6 billion-valued equity stakes, several of which are publicly listed, "provide us with strategic insights while maintaining economic exposure, and we aim to maximize long-term value for Uber and our shareholders".
On an underlying adjusted EBITDA basis, the company reported a record profit of $1.40 billion, marking 82% growth.
“Our results this quarter once again demonstrate our ability to deliver consistent, profitable growth at scale,” said Khosrowshahi, while CFO Prashanth Mahendra-Rajah highlighted $4.20 billion in free cash flow generated over the past 12 months.
Looking forward to Q2, Uber anticipates gross bookings between $38.75 billion and $40.25 billion, representing an 18-23% increase on last year, with adjusted EBITDA of $1.45-1.53 billion, which would be growth of 58% to 67%.
Shares of Uber had fallen 8.6% in morning trading in New York.
--Updates with share price--