. Uber chief financial officer Nelson Chai said the company had begun to see “less aggressive pricing” by rivals.
Costs went up 35 per cent in the quarter, as the company spent heavily in the run-up to its IPO earlier this month. Gross bookings, a measure of total value of rides before driver costs and other expenses, rose 34 per cent from a year ago to $14.6 billion. Bookings were up 3.4 per cent from the previous quarter, showing the difficulty of recruiting new riders in saturated markets.
Revenue was up from the previous quarter, and the net loss deepened from $865 million in the fourth quarter. CFO Chai said the company was prepared to keep spending: “We will not hesitate to invest to defend our market position globally.”
Source: News Formal (newsformal.com)
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