Uber's first quarterly earnings report as a public company tops Wall Street expectations (UBER)

uber ipo CEO Dara Khosrowshahi

  • Uber on Thursday released its first earnings report as a public company. 
  • The company beat Wall Street’s estimates. 
  • Uber’s stock price has stuttered since it began trading in early May, but was up after the release. Follow the stock in real-time here. 

Uber released first-quarter earnings on Thursday, its first such report since going public earlier in May, that were slightly above Wall Street’s expectations and in line with the company’s prior guidance. 

Here are the important numbers:

  • Revenue: $2.76 billion versus $2.75 billion expected
  • Adjusted earnings (losses) per share: $-2.26 versus $-2.31

Total trips came in at 1.55 billion, in line with the company’s guidance and a 36% increase over the same quarter in 2018. Gross bookings, another closely watched metric for the ride-hailing industry which consists of revenue from Uber services before paying drivers, was $14.65 billion.

Most of these numbers were previously reported by Uber in an update to its IPO filings, which included unaudited first quarter results. 

Shares of Uber popped about 1.3% following the earnings release. 

Earlier this month we took the important step of becoming a public company, and we are now focused on executing our strategy to become a one-stop shop for local transportation and commerce,” CEO Dara Khosrowshahi said in a press release.

“In the first quarter, engagement across our platform was higher than ever, with an average of 17 million trips per day and an annualized gross bookings run-rate of $59 billion. Our global reach continues to be an important differentiator, and we maintained leadership of the ridesharing category in every region we serve.”

The company will hold a conference call at 4:30 pm ET to discuss the quarter with Wall Street analysts. 

This story is developing…

SEE ALSO: Uber says it will soon ban passengers with low ratings

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