Uber's losses ballooned to $5.24 billion in the 2nd quarter due to $3.9 billion in stock costs associated with its IPO by bizcarson
Dara Khosrowshahi, CEO of Uber Technologies, speaks during an Economic Club of Washington event in Washington, DC, June 11, 2019.Uber's losses ballooned to $5.24 billion in the second quarter due to $3.9 billion in stock costs associated with its IPO. Revenue growth was also Uber's slowest ever, up just 14% from the year-ago quarter to reach $3.1 billion., investors still sent Uber's stock crashing after-hours as it fell as much as 12%.
The combination of massive losses and slowing revenue growth once again ignites questions over Uber's business model and whether it's sustainable in the long-term. The company, which has never been profitable, has already started cost-cutting measures in an effort to stem losses. In July, the companyUber did grow both its monthly riders and its global bookings by nearly a third. Its global bookings reached nearly $15.8 billion, up 31% year-over-year.
Unlike Uber, its U.S.-rival Lyft actually expects to lose less money in 2019 than it previously suggested. In Lyft's second quarter earnings, announced Wednesday, the companyThis post will be updated.
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