Uber Technologies (UBER), a ride-sharing and hailing service, reported its first quarterly results as a listed firm late on Thursday, with results ahead of market forecasts and also at or near the high end of the company’s own guidance.
Revenue increased to $3.10 billion during the three months that ended March 31, up from $2.58 billion a year ago, beating the $3.08 billion average analyst estimate compiled by Capital IQ. Higher sales followed a 33% surge in monthly active platform consumers, with gross bookings jumping by more than a third to 14.65 billion.
“Engagement across our platform was higher than ever, with an average of 17 million trips per day and an annualized gross bookings run-rate of $59 billion,” Chief Executive Officer Dara Khosrowshahi said in the statement.
During the first quarter of 2018, the company said it recorded a gain on divestitures that primarily included a $2.2 billion gain on the sale of its Southeast Asia operations and a $954 million gain on the disposal of Uber’s Russia/Commonwealth of Independent States operations. This pushed up the other income category notably higher last year relative to the $260 million increase recorded in the first quarter of this year.
Depreciation and amortization were also more than $1 billion higher cumulatively in the quarter under review, the company, which acquired Careem, a ridesharing and meal delivery group operating in the Middle East, North Africa, and Pakistan, for $3.1 billion, said.
Those factors contributed to Uber’s wider, unadjusted quarterly loss of $2.26 per share versus a loss of $1.84 per share a year earlier, but it was still narrower than a market forecast for a loss of $2.29 per share.
“Our investments remain focused on global platform expansion and long-term product and technology differentiation, but we will not hesitate to invest to defend our market position globally,” Chief Financial Officer Nelson Chai said in the statement. “We started to see signs of less aggressive pricing by some ridesharing competitors, which has continued into Q2 [second quarter] 2019.”