SAN FRANCISCO: Ride share giant Uber on Thursday reported a $1 billion loss in the first quarter of this year despite rising revenue and monthly users. After debuting several weeks ago at $45 for the initial public offering (IPO) -- translating to a market value of $82 billion -- Uber shares went into reverse. Investors seemed heartened by the growth of the Uber Eats meal delivery service and that executives spoke of battling US ride-share rival Lyft on service instead of pouring money into marketing or promotions. Revenue from Eats, a service that delivers restaurant meals, more than doubled from a year ago, according to Uber. "A core tenet of our bull thesis is around Uber's ability to morph its unrivaled ridesharing platform into a broader consumer engine with Uber Eats, Uber Freight, and autonomous initiatives just scratching the surface of the full monetization potential," Ives said in the note.

Source: Bangkok Post May 31, 2019 00:11 UTC