Uber beat estimates on the highest and backside line and turned an unexpected one-time revenue through the second quarter.
Uber published an adjusted $509 million second-quarter loss before interest, taxes, depreciation and amortisation - a metric that excludes one-time costs, including stock-based compensation - widening losses by nearly $150 million from the first quarter.
Uber shares fell 7% in after hours trading after closing the day down 2.2%.
Earnings per share: 58 cents vs an expected 51 cents loss, in line with a consensus of analysts surveyed by Refinitiv.
Revenue: $3.93 billion vs $3.75 billion expected, in line with Refinitiv.
Investors are concerned about the ongoing shortage of drivers in the industry as demand ramps up. Lyft on Tuesday told it expected limited driver supply to continue in the next quarter.
Uber on Wednesday told monthly active drivers and food delivery workers had grown by 50%, or by nearly 420,000 drivers from February to July.
Uber had spent a massive $250 million in driver incentive investment in the 2nd quarter, which increased losses at its ride-hail business.
Uber reported a internet revenue of $1.1 billion for the quarter. That was largely as a consequence of unexecuted positive factors of $1.4 billion in Didi and $471 million in Aurora. Shares of Didi have dropped, about 37% during the last month, nevertheless, shrinking Uber’s stake within the firm down by $2 billion final week. Uber’s working loss was nonetheless $1.19 billion.
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