Uber Technologies (NYSE: UBER) reported its second-quarter 2020 financial results after the regular trading hours on Thursday. Revenues exceeded the estimates, while the bottom-line missed.
Shares of the ride-hailing company fell about 5% after it reported a loss of $1.78 billion or $1.02 per share for the quarter, compared to a loss of $5.23 billion or $4.72 per share last year. Analysts were looking for a narrower loss for the latest quarter.
The stock closed the day’s session higher, but changed course and slipped into the negative territory following the announcement. At $2.24 billion, revenues were down 29% year-over-year but came in above analysts’ consensus forecast.
“Our team continues to move at Uber speed to respond to the pandemic’s impact on our communities and on our business, leading our industry forward with new products and safety technologies, and harnessing the strong tailwinds driving exceptional growth in Delivery, with Gross Bookings growing 122 percent year-over-year excluding exited markets,” said CEO Dara Khosrowshahi.
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