Uber posted its largest-ever quarterly loss -- $5.2 billion -- this week, as it faces increasing competition and investor scrutiny as a publicly-traded company.
The bulk of the loss -- $3.9 billion -- came from employees cashing in after the company's IPO in May, $300 million in driver appreciation awards band investment spending, the company said.
"While you often have to make trade-offs in life, we believe that we can continue to invest aggressively in growth while driving efficiencies from scale by building great tech to improve effectiveness and from good old-fashioned focus on the bottom line," Uber CEO Dara Khosrowshahi said in an earnings call on Thursday.Khosrowshahi said the company would refocus on its technology and the efficiency of its ride shares, which have already resulted in more profitable UberX rides.
Meanwhile, the company also reported aggressive growth plans to launch new services and features, including Uber Rewards, in addition to its other loyalty programs: Uber Cash, an Uber-branded credit card, and subscription packages for rides and Uber Eats. It is also globally rolling out its new premium economy ride-share feature, Uber Comfort.
"This was not the quarter the bulls wanted to see especially after Lyft’s strong results," Wedbush Securities analyst Dan Ives told ABC News.
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