Why Uber Shares Are Sliding

Uber Technologies Inc UBER shares are trading lower Wednesday after the company reported first-quarter financial results and issued second-quarter guidance.

Uber said first-quarter revenue grew 136% year-over-year to $6.85 billion, which beat the $6.13 billion estimate, according to data from Benzinga Pro. The company reported a quarterly net loss of $5.9 billion, including a $5.6 billion headwind related to Uber's equity investments. 

Uber reported first-quarter gross bookings of $26.4 billion, up 35% year-over-year. 

Uber said it expects second-quarter gross bookings to be between $28.5 billion and $29.5 billion. The company expects second-quarter adjusted EBITDA to be between $240 million and $270 million.

"Our results demonstrate just how much progress we've made navigating out of the pandemic and how the power of our platform is differentiating our business performance," said Dara Khosrowshahi, CEO of Uber. 

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UBER Price Action: Uber is making new 52-week lows on Wednesday.

The stock was down 7.43% at $27.29 at press time. 

Photo: courtesy of Uber.