Courtesy of ZeroHedge
Unlike its smaller rival, Uber's earnings results shit the bed, with Q2 adjusted sales falling short of estimates, and it posting a stunning $5.24 billion net loss ($4.72 loss per share vs estimates of $2.03 loss) – the largest loss ever.
Uber generated $2.87 billion in adjusted revenue for the second quarter, a 12% increase from a year earlier but below the $3.05 billion that analysts had expected for the quarter.
CEO Dara Khosrowshahi's takeaway in the press release:
“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.
“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 plunged 12%, crashing to almost record lows seen shortly after the IPO…