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00:00:00
one billion dollars that's how much money over lost last quarter in its first reports is going public on may ninth the world's leading ride hailing service on Thursday so the difficulties of making money with competitors nipping at its back bumper drivers unsatisfied with wages and customers hope done discounts reporter Silicon Valley corresponded Alexandria sages sifting through the numbers certainly over is attracting more riders %HESITATION booking more red than you %HESITATION and it's still showing growth the problem of course is that it costs a lot for that and for that growth the billion dollar loss was in line with internal forecasts orderly revenue at three point one billion dollars was at the top end of that forecast gross bookings a key indicator watched by Wall Street because it measures the value of each ride before driver costs and other expenses that surged thirty four percent but on the downside revenue growth is slowing just as losses are speeding up cost surge during the quarter is uber spent heavily ahead of its market debut with uber vowing to keep on dishing out cash to stop live from the crowd to mourn his turf that caused more doubt the company will turn a profit any time soon but %HESITATION were promised to offer fewer discounts going forward CEO Dara Khosrowshahi %HESITATION talked about the fact that left its main competitor of course in the United States has been focused more on brand and product on meaning the quality of the service lately rather than promotions price , and he said that was certainly an encouraging %HESITATION encouraging sign and of course that means that uber would likely have to you have less focus on promotions as well investors cheered that decision but shares of uber are still below the forty five dollar IPO price set just a few weeks ago