Uber posts $1 bn loss in Q1 on growing revenue

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Uber posts $1 bn loss in Q1 on growing revenueRide share giant Uber on Thursday reported a $1 billion loss in the first quarter of this year despite rising revenue and monthly users. In its first earnings report as a publicly traded company, Uber said revenue climbed 20 percent to $3.1 billion from the same quarter last year, but that it lost $1 billion. '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,' said Uber chief executive Dara Khosrowshahi.

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