By Dean Seal

 

Shares of Uber Technologies Inc. fell to a 52-week low of $25.90 in early trading Wednesday after the ride-hailing giant reported a $5.93 billion net loss in the first quarter derived from its investments in other three companies.

Uber said its stake in Chinese ride-hailing giant Didi Global Inc., Grab Holdings Inc. in Southeast Asia and the self-driving tech company Aurora Innovation Inc. were to blame for the loss in a quarter that saw demand for rides rebound from a pandemic-related downturn late last year.

The company said first-quarter revenue grew more than twofold year-over-year to $6.85 billion, and it forecast adjusted earnings before interest, taxes, depreciation and amortization of between $240 million and $270 million for the current quarter, beating analyst expectations.

Shares of its rival, Lyft Inc., also hit a 52-week low on Wednesday after it posted a weaker-than-expected adjusted earnings forecast.

Uber shares were down 3.3% from Tuesday's close and more than 50% over the past 12 months.

 

Write to Dean Seal at dean.seal@wsj.com

 

(END) Dow Jones Newswires

May 04, 2022 10:41 ET (14:41 GMT)

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