News Formal

Uber shares fall after ride-hailing company reports $5bn loss

  • 📰 SkyNews
  • ⏱ Reading Time:
  • 22 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 67%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

Shares in Uber fell around 6% after the company reported record losses for its second quarter

.Costs rose by 147% to $8.65bn during the quarter.

This was partially due to one-off costs, such as $3.9bn of stock-based compensation expenses related to its IPO earlier this year and nearly $300m in"driver appreciation" related to the stock sale.Total revenue was up 14% to $3.2bn but still below expectations. Revenue from the company's main business - its ride-hailing - grew just 2% to $2.3bn and food delivery division Uber Eats grew 72% to $595m .

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:

 /  🏆 35. in CA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Packer sold share of Crown to tycoon who was director of 'banned' companyNSW parliament launches inquiry into $1.75bn purchase by casino magnate Lawrence Ho, who was involved with a company banned from doing business with Crown Exactly why has Packer not been charged with anything. He is up to his neck in criminality.
Source: The Guardian - 🏆 84. / 53 Read more »