Uber Technologies posted a $1.03 billion loss during the first quarter, more than double the $478 million loss recorded in the prior-year period, according to the company’s first-ever quarterly earnings report.
Despite a 20% year-over-year increase in revenue to $3.1 billion, the San Francisco-based mobility company has struggled to maintain profitability. Since its inception, Uber has lost $8.9 billion.
Yet, Uber’s stocks remained nearly unchanged in the wake of the news on Thursday, closing at $39.80 per share from its opening price of $40.08.
By comparison, Lyft, Uber’s main competitor in the United States, posted a $1.2 billion operational loss earlier in the month, compared with a $245 million loss in the prior-year period.
