Uber Reports Q1 Earnings Miss

Uber Technologies IncUBER reported quarterly losses of $1.70 per share on Thursday, which missed the analyst consensus estimate by 87 cents.

The company reported quarterly sales of $3.543 billion, which beat the analyst consensus estimate of $3.51 billion. This is a 14.33% increase over sales of $3.099 billion the same period last year.

"While our Rides business has been hit hard by the ongoing pandemic, we have taken quick action to preserve the strength of our balance sheet, focus additional resources on Uber Eats, and prepare us for any recovery scenario," said CEO Dara Khosrowshahi in a statement.

"Along with the surge in food delivery, we are encouraged by the early signs we are seeing in markets that are beginning to open back up. Our global footprint and highly variable cost structure remain an important advantage, as our expectation is that the Rides recovery will vary by city and country."

After rising more than 11% in the regular market session, Uber shares were trading down 1.8% at $30.35 in Thursday’s after-hours session. The stock has a 52-week high of $47.08 and a 52-week low of $13.71.

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