The Strategist

Uber loses record $ 5.2 bln in Q2 2019


08/09/2019 - 09:10



Uber taxi service suffered record losses in the second quarter of fiscal 2019, as follows from the company's statements. They amounted to $ 5.2 billion against $ 878 million in the same period last year. The service’s revenue increased by 14%, to $ 3.17 billion.



Elliott Brown
Elliott Brown
According to the financial report, the number of bookings of trips using the service increased by 31% compared to the same period last year. The total cost of all trips made in three months amounted to $ 15.7 billion.

Recall that Uber suffered losses of $ 1.01 billion in the first quarter as well. The company's revenue amounted to almost $ 3.1 billion.

In May, the company held the initial public offering (IPO) on the New York Stock Exchange (NYSE). Uber's IPO has become the largest in the last five years. At that, it is now about to become the worst in NYSE history. On the first day of the IPO, investors lost $ 617 million.

source: bloomberg.com