Uber is in the red
Author: Mario Schmidtgen
One billion euro loss
Uber, the U.S. travel agent, has published its quarterly figures for the first time since going public. The results suggest that the taxi app business is always in the red.
Nevertheless, the company was able to exceed expectations, as sales increased significantly despite the loss. The loss amounts to one billion dollars, Uber announced on Thursday after official hours. In the previous year, a profit of 3.8 billion dollars was achieved thanks to high special income from sales of foreign investments.
The loss was caused by high costs for the preparation of the IPO. Uber went public for the first time on the New York Stock Exchange three weeks ago and generated around 8.1 billion dollars at the largest premiere in years. Its total valuation amounted to 82 billion dollars.
Since then, however, investor demand has declined and the share is under strong pressure. Nevertheless, Uber was able to increase sales by 20 percent to $3.1 billion in the first quarter compared to the previous year. This exceeded the forecasts of the analyses. The high loss on the stock exchange had also already been taken into account: Investors were warned that they might never reach the profit zone.