Uber lost slightly more than $1 billion in the first three months of 2019, the company announced on Thursday. It’s Uber’s first quarterly earnings release since the company went public earlier this month.
Uber’s loss wasn’t a surprise—indeed, it was right in line with expectations. Wall Street shrugged off the news, with the stock rising around one percent in the hours after the results were announced. Uber’s stock price is now slightly below Thursday’s closing price at $39.60.
Uber has lost money almost every quarter since its founding a decade ago. Uber lost $4.46 billion in calendar year 2017 on a GAAP basis. Uber suffered a relatively modest $370 million GAAP loss in 2018, largely thanks to a one-time boost from a multi-billion dollar deal with Yandex.