Uber reported a loss of $654 million for the quarter of 2024|Alper Cugun|CC BY 2.0
Uber faced a setback with a 5.7% drop in its shares on Wednesday following its quarterly financial report. Last year, the company boasted of its first full-year profit since going public.
The ride-hailing app reported a net loss of $654 million for the quarter of 2024, far from analysts’ predictions of a $474 million profit, per the Wall Street Journal.
Despite witnessing a surge in demand for its rides and delivery services, Uber’s loss was compounded by a hefty $721 million in unrealized losses stemming from its equity investment. The numbers reflect slower growth for Uber and suggest that the company’s finances are taking a hit due to legal battles with regulators.
On the other hand, rival Lyft’s first-quarter earnings beat analysts’ estimates, according to its board.