Uber Shares Hit 52-Week Low After Nearly $6 Billion Loss
04 Mai 2022 - 4:56PM
Dow Jones News
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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