Ridesharing giant Uber Technologies' (UBER) shares sank in premarket trading Wednesday as the company released its first-quarter results. Revenue met estimates but gr♏oss bookings misse🐻d, and Uber posted a net loss after reporting hundreds of millions in charges related to revaluations of its investments.

Revenue Meets Expectati💟oꦛns, Gross Bookings Miss, Revaluation of Investments Contributes to Net Loss

Uber reported $10.13 billion in revenue, crossing the $10 billion mark for the first time as analysts projected, on $37.65 billion in gross bookings through the platform, below expectations of $38.02 billion, according to estimates compiled by Visible Alpha.

Uber reported a net loss of $654 million, or 32 cents per share, when analysts were expecting profit of $477.2 million, or 22 cents per share. It posted a $721 million pre-tax headwind related to "net unrealized losses related to the revaluation of Uber’s equity investments," the company said.

In the first quarter of 2023, Uber reported revenue of $8.82 billion on $31.4 billion in gross bookings, with a net loss of $157 million, or 8 cents per share.

For the current quarter, Uber projects gross bookings to fall between $38.75 billion to $40.25 billion, which would represent growth of 18% to 23% year-over-year on a constant-currency basis. Analysts are looking for $40.12 billion in gross bookings, according to Visible Alpha consensus.

ꦜPre-Report News: Instacart Partnership, Analyst Thoughts

A day ahead of the report, Uber announced a partnership with grocery delivery app Instacart (CART) to bring Uber Eats restaurant delivery to the Instacart app "in the coming weeks" nationwide.

“Through this partnership, Instacart customers now have access to both the best online grocery selection in the U.S. and restaurant delivery, making it even easier for them to conveniently tackle all their food needs from a single app,” Instacart 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Fidji Simo said.

In the weeks 澳洲幸运5官方开奖结果体彩网:leading up to the report, Jefferies analysts 澳洲幸运5官方开奖结果体彩网:raised their target price for Uber sto♓ck to $100 from $95, writing that the company's top line could benefit as consumers adopt new booking methods that have been rele𓆏ased in recent months.

In an April 29 note, Bank of America analysts wrote that they would be looking for executives to answer questions about Uber's plans to deal with the rise of autonomous vehicles through companies like Waymo and Tesla that could act as taxis and disrupt Uber's business model. While the shift to autonomous vehicles will take years, the analysts wrote, events like Tesla's 澳洲幸运5官方开奖结果体彩网:planned robotaxi reveal currently scheduled for August could negative🌌ly impact Uber's stock pꩵrice.

Uber shares fell as much as 9% in the minutes after the report's release, and recovered slightly to be down about 6% to $66.30 about 90 minutes before the opening bell.

Correction—May 8, 2024: This article has been updated to correct that Uber did not swing to a loss.