Uber's gross bookings for its mobility business declined 73% in the second quarter, compared to the same period last year. That number speaks to the magnitude of the challenge Uber has faced during a global pandemic that has made some potential customers fearful of using a ride-hailing service and reduced the need for commuting and business travel, said Dan Ives, a managing director of equity research at Wedbush Securities.
"That number just illustrates, as a data point, just how dark this COVID storm is for a company caught in the middle of it," he said.On an adjusted basis, Uber lost $837 million before interest, taxes, depreciation, and amortization during the second quarter.
Overall profitability is important because it removes some of the questions investors might have about how Uber categorizes certain costs. For example, the EBITDA for Uber's mobility segment may fail to take into account some research-and-development costs that benefited the mobility business but were placed in a separate category on Uber's balance sheet, White said.Axel Springer, Insider Inc.'s parent company, is an investor in Uber.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Inside Citadel's big 2020: Strong performance across 5 strategies - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Disgusting greed
Source: BusinessInsider - 🏆 729. / 51 Read more »
Inside Meghan Markle and Prince Harry's new life in Los Angeles - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Harry has rejected the traditional role of Court Buffoon which the courtiers and press have forced onto “spares” in the past. William will have to earn his respect without a manufactured “foil”. And who cares? We're so beyond, 'lifestyles of the rich and kinda famous.'
Source: BusinessInsider - 🏆 729. / 51 Read more »
Inside story: Humana's $100 million bet on telehealth startup Heal - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Unemployed during coronavirus pandemic: Business Insider survey - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Well Good Evening, check me out then Work at a university. So yup. Unemployed. And they are clueless how to reopen so far.
Source: BusinessInsider - 🏆 729. / 51 Read more »