Uber reported higher first-quarter revenue on Wednesday, citing a recovery from its coronavirus lows and the fact that it would not need to make “significant” efforts to retain drivers on the platform.

It did, however, disclose a $5.9 billion loss over the year, which was mostly due to the devaluation of stock investments. After the markets opened, stocks were down more than 10%.

Loss per share: 18 cents ex-items vs. a loss of 24 cents, according to a Refinitiv survey of analysts.

Revenue: $6.85 billion vs. $6.13 billion estimated, according to a Refinitiv survey of analysts.

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