Uber’s shares, which have fallen from their $45 offering price, rose in after-hours trading on Thursday. Kathleen Smith, a principal at Renaissance Capital, which manages exchange-traded funds focused on I.P.O.s., said Wall Street had expected the losses and slowing growth because Uber had indicated them in its I.P.O. paperwork.
“If Uber does nothing worse than it said, it may be a good result for them,” she said.
The company’s results included some bright spots. Uber has a lengthy history of battling competitors in fierce price wars, offering subsidies to riders and drivers. But Mr. Khosrowshahi said those fights were beginning to subside, with competitors focusing on building their brand and products rather than on paying incentives. He called it “a healthy trend.”
Some of Uber’s newer businesses, such as food delivery and freight delivery, also grew at a healthy pace. Uber Eats, its meal delivery service, more than doubled from a year earlier, while Freight jumped more than 200 percent. The company is expanding Uber Eats in Latin America as well as in Japan, where ride-hailing is not permitted.
In an earnings call, some analysts raised questions about whether Uber Eats could sustain its growth in the face of heavy competition, and whether Uber’s price wars would shift from ride-hailing to food delivery. Mr. Khosrowshahi said Uber expected to remain the largest food delivery service outside China, whether it held its position through competition or by acquiring a competitor. Any acquisition would be a Plan B, he said.
He also faced questions about one of Uber’s biggest markets: New York. Recent city legislation imposes a minimum wage for ride-hailing drivers, who are classified as independent contractors rather than as employees. As a result, ride-hailing rates for passengers in New York had increased significantly, Mr. Khosrowshahi said, and the volume of rides had declined. Still, he said, the market remains valuable to Uber.
Mr. Khosrowshahi also addressed Uber’s I.P.O., saying he was “proud of what we’ve achieved.” He added, “I’ve told our team it is just one moment in a longer journey.”
