Uber loses $5.9bn as Asia investment values fall

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The loss was mostly due to the company's stakes in other companies.

The fall in the value of investments in businesses including Didi and Grab was the main cause of the loss, according to the firm.

Since listing in New York, Didi and Grab's shares have plummeted.

Despite the loss, the boss of the company highlighted its progress in recovering.

The results show how much progress we have made navigating out of the epidemic and how the power of our platform is differentiating our business performance.

The company said the number of trips taken had risen 18% for the three months to the end of March, compared to the same period last year. Revenues rose by 136%.

In the first quarter, the company&s net loss ballooned to $5.9 billion from $108 million a year ago, as the value of stakes in other businesses fell.

Nelson Chai said that the company had enough cash to hold on to the losses and wait for a better time to sell them.

Its shares ended the day lower in New York.

In exchange for an 18% stake in the Beijing-based Didi, Didi agreed to sell its business in the second largest economy in the world.

Didi has seen its US market valuation fall by more than 80% since it made its debut on the New York Stock Exchange.

The company announced in December that it would be moving its listing to Hong Kong.

Didi revealed this week that it faces an investigation by the US stock market watchdog.

When both firms were still privately owned, Grab took a 27.5% stake in the Singapore-based company.

The shares of Grab fell in their debut on the New York trading platform.

The stock market valuation of the firm has dropped by 75% since its initial public offering.

In exchange for its operations in India, the company got a stake in Zomato.