PARIS, France — Uber announced its first quarter financials, reporting strong sales growth and a new valuation. Revenue jumped 55 percent while losses narrowed 49 percent.The company pulled in $2.5 billion in net revenues, with a net loss of $601 million, and negative EBIDTA of $304 million on a pro forma basis.
“We are off to a terrific start in 2018, with our rides business beating internal plan and continuing to grow at healthy rates, while we significantly reduce our losses and maintain our leadership position around the world,” Uber CEO Dara Khosrowshahi said in a statement. “Given the size of the opportunity ahead of us and our goal of making Uber a true mobility platform, we plan to reinvest any over-performance even more aggressively this year, both in our core business as well as in big bets like Uber Eats globally.”
The company also revealed a new tender offer that values it at $62 billion, up from $48 billion late last year.
Uber’s CEO was is in Paris this week meeting with the French president to talk tech in Europe and expanding its insurance coverage in the region. The comapny is raising another secondary round of funding of up to $600 million, on a valuation of $62 billion.
Uber has raised over $21 billion in funding to date.