Uber’s Q1 losses reach $1B despite revenue growth

NEW YORK (AP) — Uber is continuing to bleed money even as it posts dramatic revenue growth.

In its first financial release since its lackluster IPO, Uber reported Thursday that revenue rose to $3.1 billion in the first quarter of 2019, up 20% from the same time last year. But the ride-hailing giant posted $1 billion in losses as it fights to maintain market share.

Chief Financial Officer Nelson Chai says Uber will not hesitate to invest to defend its market position. He also says he’s noticed less aggressive pricing by competitors.

CEO Dara Khosrowshahi says customer engagement across Uber’s platform was higher than ever with an average of 17 million trips per day.

Uber went public three weeks ago and its shares have been trading below its IPO price ever since.

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