Uber Technologies, Inc. (NYSE: UBER) on Wednesday reported a wider net loss for the March quarter when the ride-hailing company’s revenues more than doubled aided by strong booking growth.
Net loss for the first quarter of 2022 was $5.93 billion or $3.04 per share, compared to a loss of $108 million or $0.06 per share in the corresponding period of last year. The bottom line was impacted by losses related to the company’s equity investments.
However, net revenues rose sharply to $6.85 billion in the most recent quarter from $2.90 billion in the corresponding period of 2021, with all the main operating segments registering strong growth. At $26.4 billion, gross bookings were up 35% year-over-year.
Check this space to read management/analysts’ comments on Uber’s Q1 2022 earnings
“In April, Mobility Gross Bookings exceeded 2019 levels across all regions and use cases. There’s never been a more exciting time to innovate at Uber and we’re focused on executing our strategy to grow our platform profitably,” said Dara Khosrowshahi, chief executive officer of Uber.