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Uber Technologies Q2 Loss Narrows, But Misses Street View

uber july10 06aug20 lt

Shares of Uber Technologies Inc. (UBER) slipped over 4% on extended trading session Thursday after the ride-hail service's second-quarter loss was bigger than Wall Street estimates. Revenues for the quarter dropped 29%, but trumped expectations as EATS revenues more than doubled during the pandemic period.

For the second-quarter, Uber reported net loss of $1.78 billion or $1.02 per share, compared with last year's loss of $5.24 billion or $4.72 per share. On average, 30 analysts polled by Thomson Reuters estimated loss of $0.86 per share for the quarter.

Revenues for the quarter dropped 29% to $2.24 billion from $3.17 billion last year. Analysts had a consensus revenue estimate of $2.18 billion.

Mobility revenues declined 67% year-over-year, but delivery revenues grew 103% year-over-year.

Gross bookings for the quarter declined 35% to $10.22 billion from $15.76 billion last year.

UBER closed Thursday's trading at $34.71, up $1.51 or 4.55%, on the Nasdaq. The stock, however slipped $1.43 or 4.12%, in the after-hours trade.

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