Uber posts quarterly loss, but revenue exceeds expectations / Photo: DENIS CHARLET - AFP/File
-
Shares in Google owner Alphabet plummet on profit miss, ad slowdown
-
Shares in Google owner Alphabet sink on profit miss, ad slowdown
-
US Fed holds interest rates steady despite 'too high' inflation
-
Pioneering US labor leader Dolores Huerta dies at 96
-
Airbus aims for record deliveries despite disappointing quarter
-
US Fed holds interest rates steady despite surging inflation
-
Real Madrid, La Liga apology over Mbappe shows power of Chinese market
-
US labor leader Dolores Huerta dead: family
-
'Cruise for life' strands passengers in Cambodia as operator goes bust
-
French firm Safran helps build aircraft wings of the future in UK factory
-
Canada hikes rates to contain oil price surge caused by Iran war
-
World Bank warns of worsening food insecurity as commodity prices soar
-
Nintendo producer 'all nervous' as Zelda classic remake hits shelves
-
Billionaire Ambani's Jio soars in market debut after India's biggest IPO
-
Three killed by storm in southern India
-
AI chip giant SK hynix posts seven-fold surge in quarterly operating profit
-
Two hundred 'Cruise for life' passengers stranded in Cambodia
-
S.African activists push back on data centre rush
-
Billionaire Ambani's Jio jumps 21% in market debut after record India IPO
-
Billionaire Ambani's Jio to debut after record India IPO
-
Sri Lanka's Tamil farmers fight to reclaim land after civil war
-
UK set for cautious budget as borrowing costs climb
-
'They don't care about us': Trump food aid cuts leave Americans struggling and angry
-
US Fed expected to hold rates steady ahead of key midterm elections
-
Palestinian activist Khalil returns to Columbia after US detention
-
AI chip giant SK hynix says quarterly operating profit soars 630%
-
Youths testify about 'despair' in unprecedented Canadian climate trial
-
GA-ASI and Saab Perform Advanced AEW Flight Testing on Uncrewed MQ-9B
-
Charles tackles thorny legacy of slavery on Caribbean trip
Uber posts quarterly loss, but revenue exceeds expectations
Uber on Tuesday reported better-than-expected revenue in the second quarter, fueled by strong demand for the San Francisco-based company's ride-hailing and food delivery services.
Revenue more than doubled to $8.1 billion in the three months through June -- a 105 percent increase. Though it still posted a net loss of $2.6 billion, investors reacted positively: shares shot up more than 12 percent, to $27.58, in pre-market trading.
The company posted $1.8 billion in revenue from its freight operations. It also said the boost in revenue was partially explained by a change in how it accounts for its rides business in Britain.
Uber notched gains in monthly active platform consumers, gross bookings and trips compared with a year ago, reflecting higher demand but also a higher number of drivers for its signature ride service and food delivery operations.
Uber CEO Dara Khosrowshahi said both consumers and earners were at "all-time highs."
"Last quarter I challenged our team to meet our profitability commitments even faster than planned -- and they delivered," Khosrowshahi said in a statement.
Uber primarily attributed its loss to the falling value of its investments in financially strapped companies such as Singapore's VTC Grab, US self-driving vehicle start-up Aurora and Indian food delivery service Zomato.
H.Meyer--CPN