Uber Plunges After More Than Expected 2Q Loss 

Uber Plunges After More Than Expected 2Q Loss

On Thursday, Uber Technologies plunged 3.28% in after-hours trade after posting a more than expected loss for the second quarter as the corona crisis urged the people to stay at home, thus, affecting the ride-sharing venture significantly. 

The company reported the quarterly earnings of $2.24B while the experts forecasted the loss to be around $2B only. The loss per share of the company was $1.02, while the predictions were near 80 cents per share. 

Company’s food venture, Uber Eats, however, took the benefit of stay-at-home measures, with the gross food order bookings surge 106% for the quarter as compared to the last year for the same period.

Uber Technologies Inc. gross bookings for all its ventures was 35% down to $10.2B for the quarter as compared to last year. Experts predicted the total booking amount to $10.5B. The fall was led by Uber rides’ gross bookings, which were 75% down.

Monthly active customers, in total, declined to 55 million or down by 44%, this quarter.

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