Daily reviews

05.11.2019

Uber quarterly loss topped $1 billion

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The company reports a net loss of $1.2 billion for the quarter, stocks fall by over 5% on the news

Stocks impacted: Uber Technologies, Inc. (Uber)

The app-based taxi company reported losses of $1.2 billion, almost 20% more than the $986 million lost during the same quarter last year. The Q3 loss included $401 million in stock-based compensation. At that, revenue improved 30% to $3.81 billion, from $2.94 billion a year ago. Also, the company has lost more than $7 billion so far this fiscal year. Within the three rounds of cuts in recent months, Uber has shed more than 1,000 jobs, or more than 2% of its workforce. The company reported 103 million monthly active platform consumers in its third quarter. Uber Eats, the company’s food-delivery service, surged 64% to $645 million from the year-ago quarter. Despite mixed results, the company’s shares slid by over 5% on the release as investors were disappointed by sharp losses.

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