Uber: quarterly loss falls, but so does stock
(CercleFinance.com) - Uber reduced its quarterly loss by nearly a third thanks to lower costs, although this good news did not enable its stocks to gain ground on Friday on the New York Stock Exchange.
Its net loss for the three months to end-June was limited to 1.8 billion dollars, down from 5.2 billion dollars the year before, helped by the group cutting its costs by over one half from 8.6 billion dollars to 3.8 billion dollars from one year to the next.
However, gross bookings - a closely monitored measure of the journeys made by the Californian group - fell by 35% y-o-y to 10.2 billion dollars, as strong growth in the meal delivery business, now renamed "Delivery" (+113%), failed to offset the sharp drop in the newly called "Mobility" business (-73%).
One analyst mentioned a number of Covid-related woes ahead for the group, with clients hesitating to use its services before an eventual vaccine is found.
The share is having a rough ride on Friday, down over 5% less than an hour into trading on Wall Street.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
Its net loss for the three months to end-June was limited to 1.8 billion dollars, down from 5.2 billion dollars the year before, helped by the group cutting its costs by over one half from 8.6 billion dollars to 3.8 billion dollars from one year to the next.
However, gross bookings - a closely monitored measure of the journeys made by the Californian group - fell by 35% y-o-y to 10.2 billion dollars, as strong growth in the meal delivery business, now renamed "Delivery" (+113%), failed to offset the sharp drop in the newly called "Mobility" business (-73%).
One analyst mentioned a number of Covid-related woes ahead for the group, with clients hesitating to use its services before an eventual vaccine is found.
The share is having a rough ride on Friday, down over 5% less than an hour into trading on Wall Street.
Copyright (c) 2020 CercleFinance.com. All rights reserved.