Uber desperately needs rivals around the world to stop offering incentives to drivers and riders so it can do the same. For now, the more revenue the company makes the higher its losses will continue to be. 

There were no clues as to when this situation will come to an end in Uber’s first set of quarterly results since joining the public markets. In the three months to April, revenue rose by a fifth year on year to $3bn, but net losses doubled to $1bn.

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