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Uber Delivers Big Q2 Loss as Virus Puts Breaks on Ride Sharing

Published 08/06/2020, 04:08 PM
Updated 08/06/2020, 04:08 PM
© Reuters.  Uber Tech Earnings Miss, Revenue Beats In Q2

© Reuters. Uber Tech Earnings Miss, Revenue Beats In Q2

By Yasin Ebrahim

Investing.com - Uber on Thursday reported a wider-than-expected loss as the stay-at-home measures to contain the Covid-19 pandemic wreaked havoc on its ride-sharing business.

Uber Technologies Inc (NYSE:UBER) shares lost 3.28% in after-hours trade following the report.

Uber Tech announced a loss per share of $1.02 on revenue of $2.24 billion. Analysts polled by Investing.com anticipated a loss of 80 cents a share on revenue of $2.09 billion.

Gross bookings fell 35% to $10.2 billion for the quarter compared to last year, missing analysts' consensus of $10.50 billion, led by a 75% slump in gross booking for Uber's rides, its core ride-sharing business.

Uber Eats, however, benefited from the pandemic-led surge in food delivery demand, with gross bookings up 106% for the quarter compared to last year.

Monthly active platform consumers, a tally of each consumer who completed a ride or ordered a meal, declined 44% to 55 million in the quarter.

Despite the wider loss, the company said it had continued confidence that it "will achieve adjusted EBITDA profitability before the end of 2021.”

Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar

Latest comments

not a big deal. in the long run the increased adoption of Uber eats will help them a lot as riders return.
Learn the difference between breaks and brakes.
If you are a current Uber stock holder you might want to go check how many lawsuits are filed against Uber and how many are in the works....let me help you....it's a lot of them.
oh man, with insight like that I'm sure you're a pro trader. there's no way institutional investors were aware of any of that. thanks for posting this awesome knowledge instead of keeping it to yourself.
If youre going to use a pun use the correct word. “Brakes”
Its “brakes.” Why is this mistake made so often?
They are “up” 2.8% after hours.
other lie , bullish
yes... world , is conspiracy..
 error , it's not conspiracy, it's big business
**Brakes?
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