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Uber’s Earnings Higher Than Expected

Mission accomplished! Y’know, basically.

Uber just recently went public on the NYSE under the code UBER, as one of the transportation service companies to bite the bullet and offer an IPO in the past 12 months.

Now, the company has shared its first-ever earnings report as a publicly-traded company. Unfortunately for the ride-sharing service, its profit went down by about 210% since last year. In numerical amounts, this translates to about $870 million.

Still, Uber says that it’s actually a better number than they hoped, as they initially forecasted a higher number for their potential losses: $1 billion.

In terms of revenue, however, Uber certainly beat estimates. At $3.099 billion, it narrowly missed speculators’ estimates of $3.08 billion.

“Earlier this month we took the important step of becoming a public company, and we are now focused on executing our strategy to become a one-stop shop for local transportation and commerce,” Dara Khosrowshahi, CEO of Uber, says. “In the first quarter, 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.”

“Our global reach continues to be an important differentiator, and we maintained leadership of the ridesharing category in every region we serve,” says Khosrowshahi.