Uber loses $5.9bn as Asia investment values fall

Ride-hailing and delivery group Uber has made a $5.9billion loss, mostly due to its stakes in other companies. The firm said almost all of the loss was a result of the fall in the value of investments in businesses including two Asian ride-hailing giants.

San Francisco, May 5: Ride-hailing and delivery group Uber has made a $5.9billion loss, mostly due to its stakes in other companies. The firm said almost all of the loss was a result. Of the fall in the value of investments in businesses. Including two Asian ride-hailing giants, China’s Didi and South East Asia’s Grab. Shares in Didi and Grab have plunged since listing in New York last year. Despite the loss, Uber’s boss highlighted its progress in recovering from the impact of the pandemic. “Our results demonstrate just how much progress we’ve made. Navigating out of the pandemic and how the power of our platform is differentiating our business performance”. Chief executive Dara Khosrowshahi said on Wednesday.

That came as the company said the number of trips taken had risen 18 per cent. For the three months to the end of March, compared to the same period last year. That helped revenues rise by 136 per cent, the BBC reported. On a net basis, Uber’s first-quarter loss surged to $5.9 billion from $108 million a year ago, driven by $5.6 billion of drops in the value of stakes in other businesses, primarily Chinese ride-hail company Didi.

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