Uber reported that its gross bookings rose 24% year over year in the first quarter to a record $19.5 billion, according to the company’s press release. Sustained expansion in the food-delivery service offset the fall in ride-sharing.
Uber’s bookings mainly came from its food-delivery operations, which generated $12.5 billion.
Bookings of Uber Eats more than doubled year over year as ride business fell 38% in the same period.
Revenues were $2.9 billion, down from $3.2 billion in the same period last year after allocating $600 million to new driver benefits in the U.K.
Net loss for the quarter narrowed to $108 million, from a loss of $2.9 billion in the same period last year.
Adjusted EBITDA was a loss of $359 million, down from a loss of $612 million in the same period last year, and less than expected loss of $452 million.
Uber stock is currently down in the premarket. UBER: NYSE is down 3.67%.
