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.