Heavy loss for Uber in the 2nd quarter, but turnover better than expected

Uber on Tuesday reported a net loss of $2.6 billion in the second quarter, but its revenue of $8.1 billion soared and beat market forecasts by a wide margin. .

On Wall Street, the action of the giant car rentals with drivers and home meal delivery soared by more than 12%, to 27.58 dollars, in electronic trading preceding the opening of the Stock Exchange.

“We continue to benefit from increased demand for transporting people and things as well as the transition from an in-store spending model to a service spending model,” the Uber boss said. , Dara Khosrowshahi, in a statement.

“We intend to continue to take advantage of these favorable factors for our growth,” he added.

The group’s quarterly revenue, which more than doubled from a year ago, was partly boosted by a change in the calculation of UK racing revenue, the company said.

The turnover related to car trips increased by 120%, to 3.6 billion dollars, and that related to meal deliveries (Uber Eats) rose by 37%, to 2.7 billion dollars.

Uber also made $1.8 billion in revenue from freight transportation.

The company also posted positive free cash flow for the first time ($382 million).

This measure is closely followed by the market, as it gives indications of a company’s ability to make new investments.

The Californian group, however, continued to lose money between April and June.

Uber attributes the loss primarily to its stake in several financially faltering companies, including Singaporean ride-hailing platform Grab, U.S. self-driving vehicle startup Aurora and Indian restaurant aggregator Zomato.

Source: www.challenges.fr

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