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Uber Reports Record $5.2 Billion Loss
Uber Technologies Inc. reports its net loss in the second quarter of 2019 surged to a record $5.2 billion from $878 million in the same period last year.
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Uber Technologies Inc. reports its net loss in the second quarter of 2019 surged to a record $5.2 billion from $878 million in the same period last year.
The sharp uptick in red ink was caused mainly by costs related to Uber’s initial public offering in May and stock-based compensation expenses
CEO Dara Khosrowshahi tells analysts that 2019 will be Uber’s worst. He predicts that the company’s losses will begin to shrink in 2020 and 2021. Uber still hasn’t said when it expects to become profitable.
An upswing in competition outside the U.S. dulled the pace of Uber’s revenue growth in April-June, which slowed to 14% and $3.4 billion. Revenue from the company’s core ride-hailing services advanced only 2% to $2.3 billion. Sales related to Uber’s Eats food delivery business jumped 72% to $595 million.
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