Shares of Uber Technologies Inc. (UBER) - Get Uber Technologies Inc. Report were rising Wednesday after the ride hailing and delivery company reported first-quarter earnings that topped analyst expectations, although its revenue numbers missed.
The San Francisco company reported a first quarter net loss of 6 cents per share on revenue of $2.9 billion. Analysts were expecting Uber to report a net loss of 56 cents per share on revenue of $3.27 billion, according to FactSet.
"Uber is starting to fire on all cylinders, as more consumers are riding with us again while continuing to use our expanding delivery offerings," said CEO Dara Khosrowshahi.
Uber has said previously that it plans to turn a profit by the end of the year, and it was able to cut its net loss in the first quarter to $108 million, from $968 million in the fourth quarter.
Uber shares were up 1.4% to $51.90 at last check after hours Wednesday.
Mobility gross bookings were down to $6.77 billion, a 38% year-over-year decrease, while delivery gross bookings jumped 166% year-over-year to $12.46 billion.
"We will continue to innovate and find new ways to deepen engagement with our customers, as the only global platform that helps you go wherever you need and get whatever you want," Khosrowshahi said.
Before the opening bell on Wednesday, fellow ride hailing company Lyft (LYFT) - Get Lyft Inc. Report reported first quarter results that were mixed.
The San Francisco-based company posted a per-share loss of 35 cents, 25 cents narrower than the 60-cents-per-share loss forecast by analysts polled by FactSet. However, revenue came in at $609 million, less than the $677.7 million forecast by analysts. Shares of Lyft fell 6.3% on Wednesday.