The stock of Uber Technologies (UBER) is down 8% after the ride share and delivery company reported first-quarter financial results that missed Wall Street targets.
Uber reported a Q1 loss of $0.32 U.S. per share on revenue of $10.13 billion U.S. Analysts were expecting a profit of $0.22 U.S. a share and sales of $10.10 billion U.S.
The company blamed the Q1 result on “unrealized losses related to the revaluation of Uber’s equity investments.”
Gross bookings at the company increased 20% from the previous year to $37.7 billion U.S. However, that missed analyst estimates for $37.93 billion U.S.
Revenue in Uber’s mobility segment increased 30% year over year to $5.63 billion U.S., which was above estimates of $5.51 billion U.S.
But delivery revenue of $3.21 billion U.S. increased only 4% and missed estimates that called for $3.28 billion U.S.
Uber recently announced a new partnership with the grocery delivery app Instacart (CART) that it says could benefit its delivery business going forward.
Customers will be able to use the Instacart app to order from restaurants through Uber Eats, the companies announced in a joint news release.
Before today (May 8), Uber’s stock had gained 81% over the last 12 months and was trading at $70.43 U.S. per share.
