Yesterday after the market closed, American ridesharing services provider Uber Technologies (UBER) announced its results for the quarter ended March 2019. These were the company’s first quarterly results after it started trading on the New York Stock Exchange on May 10. In the first quarter, Uber reported an adjusted net loss of $2.23 per share this year as compared to an adjusted net profit of $2.00 per share in the first quarter of 2018.
Uber’s Q1 2019 earnings beat estimates
According to the data compiled by Thomson Reuters, Wall Street analysts were expecting Uber to report adjusted net loss of $2.26 per share. During the quarter, the company burnt $1.01 billion of cash, which was largely in line with Wall Street’s expectation of $1.00 billion.
On Thursday, before Uber announced its quarterly results, the stock was trading on a mixed note to settle at $39.80 with a 0.4% loss for the day. The company’s slightly better-than-expected first-quarter earnings and revenues drove optimism, triggering a buying spree in the after-market session.
Today at 8:10 AM EST, Uber stock was up by 1.8% at $40.51 in the premarket session, but still much lower than its IPO price of $45.00 per share. As of Thursday’s closing, Uber had lost 4.1% in this week so far as compared to 4.0% losses seen in its home market rival Lyft’s (LYFT) stock.
Lyft made its public debut on the NASDAQ on March 29, and it has lost nearly 30.0% in the second quarter so far.