Global peer-to-peer ridesharing platform Uber has announced that it has made a loss of $1bn (£790m), just weeks after it floated on the stock market.
Uber’s disappointing floatation has been succeeded by poor quarterly financial results. The company’s Q2 results saw a 20% rise in revenues to $3.1bn and an increase in active users to over 93 million people across the world.
These results were slightly below forecasts, however, shares fell 11% following the news.
The Silicon Valley start-up is one of many companies of its kind to float on the stock market in recent years, to mixed success.
Uber has suffered from increased competition in recent years – namely Lyft – as well as incurring extra costs for its drivers and bringing Uber Eats to the marketplace.