The ride hailing company Uber has posted $1bn in losses during the first quarter since their lacklustre debut on the US stock market.
However, revenue rose by $3.1bn in the same period for 2019 beating the forecast by FactSet.
Uber has spent heavily on promotions and driver incentives in an effort to gain market share from rival Lyft, both companies are struggling to reach profitability.
Three weeks ago, Uber went public and have been trading below the initial public offering (IPO) price ever since.
On their first day of trading Uber took a whopping $617m hit, according to Renaissance Capital this was the largest loss on the first day of trading by a US based company in recent history.
Nelson Chai, Uber’s chief financial officer 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.”
Chief executive Dara Khosrowshahi said, “Earlier this month we took the important step of becoming a public company, and we are now focused on executing our strategy to become a one-stop shop for local transportation and commerce.”