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Uber Q2 Earnings – a mixed bag

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Miguel A. Rodriguez
Miguel A. Rodriguez
14 September 2020
Uber announced its latest financial figures amid a pandemic-struck industry.

For the quarter ending in June, Uber reported $2.24 billion in revenue, higher than the $2.1 billion consensus. However, total gross bookings were 35% lower year over year, falling to $10.2 billion and below the analyst consensus of $10.5 billion. 

Additionally, the company’s total net loss for the quarter was $1.8 billion, mostly because of restructuring measures. Uber CFO Nelson Chai said that the company's aggressive cost-cutting measures would boost its profitability before the end of 2021.

Following the earnings report, Uber stock was down 2% after hours, dropping to $34 after jumping 4.6% during the day’s trading session. Uber officials said that starting in Q2, its Rides segment will be renamed Mobility, and its Eats segment will be dubbed Delivery.

Source: thestreet.com

This information/research prepared by Miguel A. Rodriguez does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views and consequently any person acting on it does so entirely at their own risk.The research provided does not constitute the views of KW Investments Ltd nor is it an invitation to invest with KW Investments Ltd. The research analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report.The research analyst in not employed by KW Investments Ltd. You are encouraged to seek advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit that conforms to your specific investment objectives, financial situation, or particular financial needs before making a commitment to invest. The laws of the Republic of Seychelles shall govern any claim relating to or arising from the contents of the information/ research provided. 

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Miguel A. Rodriguez
Miguel A. Rodriguez
Financial Writer

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.