Uber (UBER) reports Q1 loss, gross bookings miss expectations

Uber (NYSE: UBER) stock tumbled Wednesday after the company posted a quarterly loss, below expectations, and missed quarterly bookings estimates.

Uber reported a first-quarter loss of ($0.32) per share. This was $0.54 worse than the analyst estimate of a profit of $0.22 per share. Meanwhile, revenue for the quarter came in at $10.13 billion, above the consensus estimate of $10.09 billion.

Uber shares are currently down more than 7% premarket in reaction to the report.

Despite growing 20% year-over-year (YoY), Uber's first-quarter gross bookings came in at $37.65 billion, below the Bloomberg compiled consensus estimate of $37.97 billion. Trips during the quarter grew 21% YoY to 2.6 billion, or approximately 28 million trips per day on average.

For the second quarter, Uber anticipates gross bookings of $38.75 billion to $40.25 billion, which is at the lower end of the $40.04 consensus estimate. Adjusted EBITDA is expected to be between $1.45 billion to $1.53 billion.

By Sam Boughedda

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