On Thursday, May 30, Uber released its quarterly financial report. In the first quarter of 2019, the company’s losses amounted to $1 billion with $3.1 billion in revenue.
It is worth noting that the first quarter revenue increased by about 20% over the same period last year.
“Our job is to grow fast at scale and more efficiently for a long, long time”, said Uber’s CEO Dara Khosrowshahi.
But analysts are still skeptical that the unprofitable giant can become profitable, and there are good reasons for this. Uber lost $3 billion in 2018 and posted a loss of about $1 billion in the first quarter.
Despite this, the company was valued at a colossal $75 billion before it went IPO, and the value of its shares was $45. However, on the first day of trading, it fell by 8% and have since been trading at a little over $40 per share.
Uber acknowledged that there is a number of obstacles to achieving the desired profitability.
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