Uber has released its first earnings report as a public company. It details how the company lost $1 billion in just three months, its plans for Uber Eats and the autonomous division, and ridership numbers. After-hours trading was positive as that massive loss was exactly what the company had predicted.
Uber earned $3.1 billion but still ended up a staggering $1.01 billion in the hole in the first quarter of this year. The company also expects those kinds of losses to continue for the rest of the year. The main culprits behind the cash drain are the expansion of Uber Eats (which requires not only paying drivers, but restaurants too) into more cities and restaurant chains, as well as increased rideshare competition from Lyft and smaller companies.
The bright spot for technologists in the earnings report was the fact that the autonomous division (ATG) is not seeing any cuts or reductions as the company continues to stake its future on self-driving cars.
