Shares of Uber (UBER) plunged almost 10% after-hours on Thursday as the ride hailing giant missed both earnings and revenue estimates by a wide margin.
Uber reported a loss of $4.72 per share, compared to on expected loss of $2.03 a share, while revenues of $3.17 billion came in short of estimates of $3.313 billion, according to FactSet. Revenues grew just 14% from the year-ago quarter, Uber's smallest quarterly increase on record.
In the company's press release, Dara Khosrowshahi, Uber's CEO, emphasized the positive aspects of its second quarter report.
"Our platform strategy continues to deliver strong results, with Trips up 35% and Gross Bookings up 37% in constant currency, compared to the second quarter of last year," said Khosrowshahi. "In July, the Uber platform reached over 100 million Monthly Active Platform Consumers for the first time, as we become a more and more integral part of everyday life in cities around the world."
Uber shares fell 9.9% to $38.72 in after hours trading, after rising 8.2% in the regular session following extremely positive results from rival Lyft (LYFT) on Wednesday.