Uber Tumbles on Q2 Numbers

Uber Technologies Inc (NYSE:UBER) reported a wider-than-expected loss for the second quarter, while sales surpassed estimates

The San Francisco-based ride sharing company reported Thursday gross bookings declined to $10.2 billion, down 35% year-over-year, or 32% on a constant currency basis, with Mobility Gross Bookings declining 73% and Delivery Gross Bookings growing 113% year-over-year, each on a constant currency basis.

Revenue declined 29% year-over-year, or 27% on a constant currency basis. Mobility Revenue declined 67% year-over-year and Delivery Revenue grew 103% year-over-year.

Adjusted Net Revenue declined 33% year-over-year, Mobility ANR declined 66% year-over-year and Delivery ANR grew 162% year-over-year. YoY Growth % at constant currency & ex-Driver appreciation award was (37)% and with respect to Mobility and Delivery, (68)% and 163%, respectively. Adjusted Net Revenue and segment Adjusted Net Revenue excludes the impact of COVID-19 response initiatives.

It all added (or subtracted) up to a net loss attributable to Uber of $1.8 billion, which includes $131 million in stock-based compensation expense and $382 million in restructuring and related charges.

According to CEO Dana Khosrowshahi, "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% year-over-year excluding exited markets."

UBER shares were in reverse $1.98, or 5.7%, to $32.73.