Uber to Cut Back on Promotions After $1B Loss

It still plans to make this an 'investment year'
By Rob Quinn,  Newser Staff
Posted May 31, 2019 12:05 AM CDT
Uber Loses Another $1B
The logo for Uber appears above a trading post on the floor of the New York Stock Exchange, Thursday, May 30, 2019.   (AP Photo/Richard Drew)

In its first financial report as a public company, Uber announced strong growth in revenue and user numbers—along with yet more enormous losses. The company reported a $1.01 billion loss for the first quarter of 2019, which is one of the biggest losses of any publicly traded company and more than rival Lyft lost in all of 2018, Bloomberg reports. Shares in Uber have fallen almost 11% since its May 10 IPO, and analysts say they aren't sure if the company will ever make a profit, reports the BBC. Finance Chief Nelson Chai told reporters Thursday that the company plans to cut back on customer promotions. He added, however, that the company still plans to make 2019 an "investment year." "We will not hesitate to invest to defend our market position globally," he said. (Read more Uber stories.)

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