Months after IPO, Uber’s quarterly loss tops $5bn
The ride-sharing company racked up 100 million customers by July, but for every dollar brought in, it lost roughly $1.65
Uber Technologies Inc., in its financial report Thursday, failed to surpass analysts' expectations in the way its hometown rival did the day before, sparking a selloff in after-hours trading. Uber's second-quarter adjusted sales fell short of estimates, and it posted an eye-watering $5.24 billion net loss.
Most of that loss was attributed to stock-based compensation associated with the initial public offering in May, a routine expense for newly public companies. The adjusted loss—a more commonly used metric for ride-hailing companies, which excludes interest, tax and other expenses—more than doubled to $656 million but wasn't as...