UBER shares toppled nearly nine per cent in trading yesterday after it pulled a U-turn and booked a net loss of $654m (£524m) for its first quarter.

It is a disappointment for the tech firm that posted its first fullyear operating profit in February, describing it as an "inflection point" following years of losses.

The ride-hailing company said it swung to the loss due to a $721m (£577.7m) headwind from the revaluation of its equity investments and the costs of legal settlements.

Uber's loss from legal, tax and regulatory changes and settlements more than doubled from $250m (£200.3m) in the first three months of 2023 to $527m (£422.2m) in the same period this year.

Uber said operating profit was just $172m (£137.8m) in the first quarter, down $480m (£384m) from the previous quarter and far south of analysts' forecasts of over $600m (£480.7m).

But revenue grew 15 per cent year on year to $10.1bn (£8.1bn) while gross bookings in the three months ended 31 March 2024 rose 20 per cent year on year to $37.7bn (£30.2bn).

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