Is this a bug report?

Yes

Have you read the Contributing Guidelines?

Yes

Environment

1. react-native -v: react-native-cli: 2.0.0 react-native: n/a - not inside a React Native project directory (I was inside the folder, version is: 0.47.1)
2. node -v: v7.10.0
3. npm -v: 4.2.0
4. yarn --version: 0.17.10

Then, specify:

• Target Platform: Android, iOS
• Development Operating System: macOS Sierra 10.12.6
• Build tools: Using Xcode 8.3.3 and Android Studio 2.3

Steps to Reproduce

1. react-native init rn_reproduce_transform_error
2. cd rn_reproduce_transform_error
3. react-native run-ios or react-native run-android

Expected Behavior

Should show the default "Welcome to React Native!" screen.

Actual Behavior

Same error occurs when I tried to update RN version to 0.48.0-rc.1

Reproducible Demo

https://github.com/esganzerla/rn_reproduce_transform_error

Notes

• This happens both on android and iOS.
• I saw some people having the same problem on issue #15496.