Revenue rose 20% at Uber Technologies Inc. (NYSE: UBER) in the company’s first quarter ended 31 March 2019, the US-headquartered human cloud firm reported Thursday afternoon. However, it posted a net loss of $1.01 billion.

The company had its initial public offering earlier this month.

Revenue

Uber reported 17 million trips per day on its platform including both ridesharing trips and Uber Eats trips. Gross bookings, which includes total spend except driver tips, rose 41% year-over-year at constant currency and excluding the impact of divestitures. Spend includes ridesharing, new mobility rides (which includes Jump Bike), Uber Eats deliveries and Uber Freight shipping.

Revenue rose 9% in its ridesharing segment, but the fastest growth was in its Uber Eats segment where revenue grew 89%.

Revenue by segment

More than half of Uber’s core platform revenue — ridesharing and Uber Eats — comes from the US and Canada.

Revenue by geography for core platform

Quote

“Our Q1 2019 results were at or near the high end of the ranges we shared last month in our IPO prospectus,” CFO Nelson Chai said in a statement. “Our investments remain focused on global platform expansion and long-term product and technology differentiation, but we will not hesitate to invest to defend our market position globally.”

The company did not provide an update on its Uber Works initiative rumoured to be undergoing trials in the US last year and which would provide an entry for the company into the online staffing space.

Share price and market cap

In trading yesterday, Uber Technologies Inc shares closed at $39.80, down 0.35% on the day and 10.31% above the post-IPO low of $36.08 set on 13 May 2019. Based on its current share price the company has a market value of $66.96 billion.