Uber announces Q2 results with 1.8 bln USD loss

Darnell Taylor
August 9, 2020

As for еats gross bookings, this activity brought the company $6.96 versus $6.23 billion.

Uber is yet to see recovery of its mobility business in India, CEO Dara Khosrowshahi said, adding other markets in the region were seeing a revival. While ridership is picking up in some lucrative cities including NY, where bookings more than doubled year-over-year, Mr. Khosrowshahi said bookings were down as much as 85% in some US locations.

Khosrowski said that this service has made 3m trips since its launch this summer. Bookings more than doubled year-over-year and advanced 49% over the first quarter.

'We have been desperately looking for trends to identify ways in which the future will be different from the past, and quite frankly we haven't come up with any, ' Khosrowshahi told analysts on an earnings call.

The business was in a position to slim its net losses to $1.8 billion, a main enhancement from last yr when inventory-based payment contributed to a internet loss of $5.24 billion. The company booked $382 million in restructuring costs in the second quarter linked to its efforts to become leaner.

Despite the surge in volumes, the food delivery unit is still unprofitable, and Uber recorded a delivery-adjusted EBITDA of negative $232 million, compared to $286 million for the year-ago period.

The actions of Uber closed the Thursday session in 34,71 dollars, with an increase of 4,55% , although the price is a 22.8 per cent below the $ 45 from its IPO in may 2019. In its earnings call today, Uber declared that net revenue declined 29% over the year, or 27% on a constant currency basis, and stood at $2.24 billion. The results were broadly in line with Wall Street's already muted expectations.

Even so, the $3.05 billion reported missed analyst forecasts of $3.96 billion.

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Chief financial officer Nelson Chai said the company was on track to achieve profitability, on an adjusted basis excluding debt and other costs, by the end of 2021.

Gross bookings for Uber's mobility business plummeted 73% from the same quarter previous year.

Uber's earnings report comes a day after the company announced that it had acquired Autocab, a United Kingdom -based provider of booking and dispatch software for independent taxi companies for an undisclosed price. "The deal is expected to close in the first quarter of 2021", she reminds us.

Using its existing network, Uber is moving quickly into new delivery as a service offering, which it sees as a very high-potential opportunity.

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If the lawsuits are successful, they could diminish Uber's business because it would make it more expensive to operate, analysts said. However, revenues from the delivery segment shot up to $1.21 billion during the April-June quarter from $595 million in Q2 2019.

Uber and Lyft have said their drivers are properly classified under the law.

The latest results reveal that Uber Eats was a larger part of the business in Q2 than the company's core ride-hailing service.

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