Uber reports biggest loss ever of $5.2 billion in Q2 as growth falls

The firm reportedly attributed more than half of its loss to expenses related and to stock compensation paid to staffers after its IPO.
Uber reports biggest loss ever of $5.2 billion in Q2 as growth falls
Uber reports biggest loss ever of $5.2 billion in Q2 as growth falls
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Struggling after a lacklustre initial public offering (IPO) in May, global ride-hailing major Uber has posted its quarter two (Q2) results which is of $5.2 billion, the biggest loss that the company has ever posted.

The firm reportedly attributed more than half of its loss to expenses related and to stock compensation paid to staffers after its IPO.

"Our platform strategy continues to deliver strong results, with Trips up 35 per cent and Gross Bookings up 37 per cent in constant currency, compared to the second quarter of last year," Dara Khosrowshahi, CEO of Uber said in a statement.

In July, the platform reached over 100 million Monthly Active Platform Consumers for the first time.

"While we will continue to invest aggressively in growth, we also want it to be healthy growth and this quarter we made good progress in that direction," Uber Chief Financial Officer Nelson Chai said.

"In Q2, Adjusted Net Revenue grew 26 per cent year-over-year in constant currency and excluding our Driver Appreciation Award, which is an acceleration from Q1," added Chai.

Uber had a slow growth in Q1 and lost its $1 billion. The ride-hailing giant had a rocky start after it became a publicly-traded company. When it issued its initial public offering in May, its stock fell by nearly 8 per cent.

In a document posted on LinkedIn last week as "Ex-Uber Marketers," nearly 20 Indians employed with the cab aggregator lost their jobs in the recent round of layoff at the company.

Khosrowshahi has been rejigging the team and recently, the company announced the retirement of three board members along with its Chief Operating Officer Barney Harford and Chief Marketing Officer Rebecca Messina.

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