The company bumped its guidance by $250 million, saying it now expects an adjusted EBITDA loss of $2.8 billion to $2.9 billion for the year. The net loss included $401 million in stock-based compensation expense. Compared to the same quarter in 2018, Uber reported a 20 percent growth.
On the bright side, the ride-hailing giant picked up its revenue growth as it increased 30% comparing to the same period a year ago, achieving $3.81 billion, topping expectation of $3.63 billion by analysts polled by Fact Set.
But in the after-hours trading session, Uber's shares dropped 5.5% to $29.37. Rides adjusted EBITDA is up 52 percent year-over-year and now more than covers our corporate overhead.
Uber reported yet another substantial loss on Monday, however, its chief executive said there is a light at the end of the tunnel when it comes to profitability.
In an investor call following the release, Khosrowshahi said that "we know there is the expectation of profitability and we expect to deliver for 2021".
"At least over the next couple of quarters we still see a lot of money flowing into (Eats)", Uber Chief Financial Officer Nelson Chai said during a Monday analyst call. This resulted in a revenue of 3.8 billion, compared to $ 2.9 billion a year earlier. Just looking at the numbers for the quarter, investors would think that Uber is headed in the right direction, but comments from management suggest that the drive to profitability may be delayed.
Uber would exit markets and dispose of assets where it was clear it could not command No. 1 or No. 2 positions within the next 18 months, Khosrowshahi said.
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Klopp was pressed on the looming clash with City, though, as Liverpool remain six points clear at the top of the league table.
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The wearables and accessories category produced revenue growth of 54 percent to $6.5 billion, led by gains in sales of Apple Watch and the wearable Air Pods.
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Soon, Gomes was stretchered off the field by medics and taken to the nearby Aintree Hospital. It's just one of those things that happens in football".
Going forward, Uber is providing Gross Bookings, Revenue, Adjusted Net Revenue, and Adjusted EBITDA for each segment and will no longer show Core Platform metrics as a result of the reorganization. Gross bookings continue to decelerate and variable costs, including on marketing, rise.
The number of monthly active users went up during the past year, with more than a quarter, up to Euro 103 million, and the number of trips has increased by almost a third to € 1.8 billion. Analysts expected MPACs to reach 104 million, according to Refinitiv. Nevertheless, Uber intends to keep pushing and aspires to be the biggest food delivery service, taking on competitors like DoorDash and Grubhub.
© Provided by The Associated Press FILE - In this May 10, 2019, file photo the statue of Fearless Girl stands in front of the New York Stock Exchange before Uber holds its initial public offering. That is smaller than Uber's losses, but it can be a considerable portion of Lyft's $956 million in revenues.
Losses in earnings at the company's Uber Eats business grew 67% to $316 million from $189 million in the year-ago period.
Uber revenue was up 30 percent to $3.8 billion in the quarter on growth in its shared rides service as well as its Eats restaurant meal delivery service and its Freight platform that matches shippers with truckers. The Other Bets category brought in $38 million in revenue, while ATG and Other Technology Programs brought in $17 million. The companies are also spending to expand into newer areas. The company said it secured more cash through selling $1.2 billion of senior unsecured notes and closing a $1 billion investment in ATG. Users now can view Rides, Eats, Lime electric scooters, and future offerings side-by-side in the app.
Another feature that's strongly suggestive of Uber's ambitions to be your single go-to is its decision a year ago to start including public transit options within its own app (that's now in 10 cities, with five more to be added by the end of the year).