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5/5, 10:07 PM (Source: TeleTrader)
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Uber Q1 revenue falls 11% to $2.9B, misses estimates

Uber Technologies Inc. announced its first-quarter earnings results on Wednesday, reporting that its revenue annually dropped 11% to land at less-than-expected $2.9 billion. While gross bookings surged 24% in the same period to reach record $19.5 billion, net loss shrank 96% to $108 million.

"We outperformed both our Gross Bookings and Adjusted EBITDA outlook, with Mobility trends improving through the quarter and continued elevated growth for our Delivery business, combined with disciplined operational execution. Uber is very well positioned to drive long-term value, with improving EBITDA performance, significant liquidity, and increasingly valuable minority investments," CFO Nelson Chai stated in the report.

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