Uber's loss of just over $1 billion was equal to $2.26 per diluted share, higher than expected with analysts having predicted a much smaller figure of $1.46 per share. Uber lost $4.46 billion in calendar year 2017 on a GAAP basis. But executives said a ride-hail price war may be cooling, something that may result in fewer discounts for riders. But that offering ended with a whimper as investors questioned whether the deeply unprofitable company could ever make money. Shares of Lyft were up more than 5% as Uber's stock was slightly positive.
He added that Uber was starting to see rivals in the United States focus on brand and product rather than price and that "in-house efforts remain focused on the commercialization of autonomous vehicles within our network". Notably, its operating losses grew from $478 million to $1 billion year over year.
Khosrowshahi pointed out that the company's ride-hailing service is already a "very strong audience creator" for the Uber Eats business.
UBER stock is trading higher in a red market as Uber Technologies (NYSE:UBER) reported inline first-quarter results. Slack, the workplace collaboration company, for example, plans to list its shares in June. Under Khosrowshahi leadership, he has added shared scooters, bikes, public transportation schedules, and buying tickets to Uber's app. Gross bookings, a measure of total value of rides before driver costs and other expenses, rose 34 percent from a year ago to $14.6 billion. "We will not hesitate to invest to defend our market position globally".More news: Draymond Green wants National Basketball Association to let Drake keep doing his thing
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The number of investors betting that Uber's share price will fall - called short-selling - has risen during the past two weeks.
Uber's loss wasn't a surprise-indeed, it was right in line with expectations. Uber has a lengthy history of battling competitors in fierce price wars, offering subsidies to riders and drivers.
"Some people think the food category could be bigger than the ride category", Khosrowshahi said.
Some of Uber's newer businesses, such as food delivery and freight delivery, also grew at a healthy pace. The company is expanding Uber Eats in Latin America as well as in Japan, where ride-hailing is not permitted.
The company has been experimenting with promoting Uber Eats to passengers using its ride-hailing service, Khosrowshahi said. "While the markets we compete in are and will remain competitive, we like what we see", he said.