Uber Earnings Miss Sends Stock Spiraling

Uber Technologies reported an unexpected first-quarter loss, sending shares lower Wednesday. Here's what you need to know.

car driver looking at Uber app on smartphone
(Image credit: Rafael Henrique/SOPA Images/LightRocket via Getty Images)

Uber Technologies (UBER) stock is down nearly 9% midday in Wednesday's trading session after the ride-hailing firm reported an unexpected loss in its first quarter.

In the three months ended March 31, Uber's revenue increased 14.8% year-over-year to $10.1 billion, driven by a 19.9% rise in gross bookings to $37.7 billion. Its net loss widened to $654 million, or 32 cents per share, from $157 million, or 8 cents per share, in the year-ago period. The company noted that its net loss included "a $721 million net headwind (pre-tax) due to net unrealized losses related to the revaluation of Uber's equity investments."

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Joey Solitro

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.