Uber fell short of analysts' expectations for both the top and bottom lines in its second-quarter earnings report.
on Thursday. The stock plunged as much as 7.8% in premarket trading on Friday.
The company posted a loss of $4.72 per share, which was larger than the loss of $3.12 per share estimated by analysts. Revenue came in light at $3.17 billion compared to consensus estimates of $3.36 billion. The company reported a staggering $5.2 billion loss during the quarter, which was largely owed to stock-based compensation. While stock-related compensation costs are common among Silicon Valley companies, Uber's losseson Thursday, CEO Dara Khosrowshahi said 2019 will be the company's "peak investment year" and that losses should come down in 2020 and 2021. He added that he's certain "the business will eventually be a break even and profitable business.
Excluding stock-based compensation, Uber's losses were approximately $1.3 billion, or about 30% worse than the prior quarter. Khosrowshahi continues to face increased pressure from investors that he can get Uber on track to profitability. That's likely to be a tough task, given that Uber has long subsidized its rides.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
IPO Expenses Drive Up Uber Losses To $5.2 Billion As Growth SlowsUber's losses ballooned to $5.24 billion in the 2nd quarter due to $3.9 billion in stock costs associated with its IPO by bizcarson
Consulte Mais informação »
Uber shares continue slide in pre-market trading as CEO says profits will come 'eventually'Uber shares were down as much as 8% in pre-market trading on Friday after the company missed expectations in its second quarter results.
Consulte Mais informação »
Uber just reported massive losses that were larger than Wall Street expected — and the stock is tankingThe ride-hailing giant's total losses and revenue fell short Wall Street's expectations, and the stock was down as much as 12% after.
Consulte Mais informação »
Uber and Lyft are lashing out at New York City regulators over 'malarkey' vehicle caps'The new rules could potentially restrict where, when, how drivers can work, and we just don't think that's good for New Yorkers.'
Consulte Mais informação »
Analysts say 'risk-seeking' investors should buy this Uber plunge following abysmal resultsWall Street analysts called Uber a risky bet but are standing by the stock in the wake of the company's disappointing earnings report.
Consulte Mais informação »
What to watch today: Dow to fall, Uber tumbles, and McConnell considers gun background checksU.S. stock futures point to a lower open ahead of the Friday session, after a three-day rally that saw the S&P 500 and Nasdaq erase Monday's sharp losses.
Consulte Mais informação »