Illustration: Lazaro Gamio/Axios
Uber on Thursday reported first-quarter revenue of $3.1 billion, which was near the high end of an estimated range in the company's IPO registration papers — sending shares higher in aftermarket trading.
The bottom line: The company has not been able to revisit its $45 per share IPO price since going public on May 10, closing trading today at $39.76 per share.
The vast majority of Uber's revenue is in ride-hail, where it averages 17 million trips per day, with nearly $2.4 billion. But ride-hail revenue growth is just 9% year-over-year, whereas its food delivery business, Uber EATS, is growing at 89%.
- Uber reported a $1.01 billion net loss for the quarter, which was at the low end of its estimated range.
- It also maintained the "gross bookings" metric, which rival Lyft chose not to include in its first post-IPO earnings release.