Uber lost almost $6 billion in the first quarter as shares of Asian ride-hailing giants Didi and Grab tanked

In the first quarter, the company posted a net loss of $5.9 billion, which was mostly due to its investments in Didi and Grab.

The share prices of both Asian companies have plummeted since they were listed in the US.

This was in contrast to the first quarter in which bookings soared to $26.4 billion. In a Wednesday announcement, the company said that its trips in the quarter grew 18% on-year to an average of 19 million per day. On-year, revenue grew 136%.

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, said the CEO in the company's earnings announcement.

The results were weighed down by losses from Didi, Grab and Aurora.

The New York Stock Exchange share price of Didi is down about 61.5% year-to-date due to Beijing's curbs on the country's big tech companies. The China-based ride-Hailing giant is moving to delist its stock in the US.

The stock price of Grab has fallen by more than 50% so far this year, as the company's revenue fell more than expected in the first quarter.

The tech-focused index is down 20% year-to-date in a broad market selloff due to factors such as the Ukraine war and the swine flu.

The share price of the company was lower on Wednesday.