Uber Technologies, Inc.'s (UBER) stock experienced a more than 9% drop in pre-market trading on Wednesday, declining to $63.71. This followed reports of a wider loss in the first quarter than what was expected by analysts.
The company suffered a first quarter net loss of $654 million, translating to $0.32 per share. This figure is considerably larger than the $157 million, or $0.08 per share loss reported in the same quarter of the previous year. This unfavorable outcome is predominantly due to a considerable $721 million loss on debt and equity securities.
Contrarily, a group of 31 analysts surveyed by Thomson Reuters had projected that the company would report earnings of $0.23 per share for the quarter.
However, Uber saw a year on year 15% growth in its quarterly revenue to $10.1 billion, narrowly missing the consensus estimate of $10.11 billion.
On Tuesday, Uber shares closed at $70.43, marking a 1.51% drop. Over the past year, Uber's shares have traded within a range of $37.07 - $82.14.
