While it may be difficult to gauge the impact of the pandemic on its overall business until next quarter, the company posted revenue of $3.5 billion in the first three months of the year, a 14% increase from a year earlier.
The ride-hailing company’s stock fell 3% in after-hours trading following the earnings announcement but later rose to around 9% higher than its closing price. The stock climbed 11% in regular trading on Thursday.
Contributing to its first quarter losses this year were $1.9 billion in write-downs associated with the company’s investments in global competitors Didi Chuxing and Grab. Uber lost $1 billion in the same period a year earlier.
Monthly active platform customers were up 11% compared to the same period a year ago, Uber reported.
Uber’s Rides business continued to make up the bulk of its adjusted net revenue in the first quarter at 76%; its food delivery service, Eats, made up 16%.
CEO Dara Khosrowshahi said the Rides business was down about 80% in the month of April, although it has been picking up in recent weeks. The impact of pandemic on its Eats business, Khosrowshahi said, has been a silver lining. “The big opportunity that we thought Eats was just got bigger,” Khosrowshahi said on an earnings call.
On the earnings call, Khosrowshahi said he believed the disruption caused by coronavirus would impact its profitability timeline by a matter of months, not years.