Uber Technologies Inc (NYSE:UBER) has reported a US$1bn loss in the taxi app’s first set of results since a disappointing stock market debut earlier this month.
The loss for the first quarter came despite a 20% rise in revenue to US$3.1bn and an increase in monthly active users to 83mln.
Uber has struggled to achieve profitability due to heavy spending on the development of autonomous vehicles and on rider promotions and driver incentives to fend off competition from rivals like Lyft in the US.
The group’s shares have fallen nearly 11% since it floated on Wall Street on May 10.
Uber is one of a handful of tech start-ups that have listed this year amid a global stock market sell-off as a result of concerns about US-China trade tensions.
Lyft’s shares have also been battered since it debuted on public markets in late March.
Uber boss Dara Khosrowshahi said the company's disappointing start to trading was just a step on "the long journey of making Uber a platform for the movement of people and transport of commerce around the world at a massive scale".
Uber finance chief, Nelson Chai, remained upbeat about the group’s prospects, saying he had seen some less aggressive pricing by competitors.
He said the company was prepared to keep spending on "global platform expansion and long-term product and technology differentiation".
"We will not hesitate to invest to defend our market position globally,” he said.