The eye-popping loss figure includes routine IPO expenses. Now Uber has to prove it's a one-off.
Dara Khosrowshahi, CEO of Uber Technologies, speaks during an Economic Club of Washington event in Washington, DC, June 11, 2019.Uber's losses ballooned to $5.24 billion in the second quarter due to $3.9 billion in stock costs associated with its IPO. Revenue growth was also Uber's slowest ever, up just 14% from the year-ago quarter to reach $3.1 billion., investors still sent Uber's stock crashing after-hours as it fell as much as 12%.
The combination of massive losses and slowing revenue growth once again ignites questions over Uber's business model and whether it's sustainable in the long-term. The company, which has never been profitable, has already started cost-cutting measures in an effort to stem losses.
Uber did grow both its monthly riders and its global bookings by nearly a third. Its global bookings reached nearly $15.8 billion, up 31% year-over-year. Its monthly active riders hit 99 million, up 30%. It also grew its take-rate for its food delivery service, Uber Eats, despite a competitive environment thatUnlike Uber, its U.S.-rival Lyft actually expects to lose less money in 2019 than it previously suggested.
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