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Uber has posted huge losses of $1bn (£790m) in its first financial report since it made a lacklustre debut on Wall Street.

Despite revenue hitting $3.1bn (£2.5bn) for the first quarter of 2019 thanks to a 20% rise compared to the same period last year, the ride-hailing giant has struggled to achieve profitability due to heavy spending.

Fierce competition from rivals like US competitor Lyft has seen the San Francisco-based firm increase its investment in rider promotions and driver incentives, while its ongoing development of autonomous vehicles and increased regulation in major cities around the world have also demanded significant financial commitment.

Image: Uber drivers have been striking in several cities recently, including London

Despite the losses – and shares continuing to trade below their IPO since Uber appeared on the stock market – bosses at the company remain upbeat about its performance.

Chief financial officer Nelson Chai said Uber remained committed to "global platform expansion and long-term product and technology differentiation", and chief executive Dara Khosrowshahi said customer engagement was higher than ever, with an average of 17 million trips per day.

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The number of journeys booked helped see revenues grow 26% in the US and Canada to $1.8bn (£1.4bn), and by the same rate in the Middle East, Europe and Africa to $487m (£386m).

Revenues were also up 6% in Asia to $267m (£211m), but fell 13% in Latin America to $450m (£356m).>Read More – Source

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Sky News

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