San Francisco-based ride hailing company Uber reported high-growth, but it was one it could not handle! On Friday, the company announced its financial results for the first quarter and reported a loss of $1 billion on a $ 3.1billion revenue during its earnings call held in San Francisco. At the company's earnings call, Nelson Chai, Chief Financial Officer of Uber, said,“Our Q1 2019 results were at or near the high-end of the ranges we shared last month in our IPO prospectus.”Compared to the same quarter last year, Uber reported a 20 percent growth. Uber Eats, the company’s food delivery platform grew by 89 percent in revenue, contributing most to the overall growth of this quarter. Uber Rewards, its loyalty programme, was expanded throughout the US in March, where consumers can earn points by sending on its core platform and later receive benefits like flexible cancellation.

Source: The North Africa Journal May 31, 2019 09:22 UTC