Uber: Losses $2.6 billion in Q2 – Revenue beat expectations

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The company Uber announced strong losses for another quarter, with its revenues significantly exceeding market estimates, leading to a 10% jump in the stock in the pre-conference trading of the American market.

Specifically, the company announced a net loss of $2.6 billion for the second quarter of the year, of which $1.7 billion was attributed to investments and a revaluation of its shares in Aurora, Grab and Zomato. However, the company posted free cash flow of $382 million.

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In the same period, the company’s revenue came in at $8.07 billion, far beating analysts’ estimates in a Refinitiv poll of $7.39 billion.

The company’s chief executive, Dara Khosrowshahi, emphasized that Uber continues to benefit from increased transportation and a shift in spending from retail to services.

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Additionally, the company reported adjusted EBITDA of $364 million, higher than the $240-270 million range it had forecast in the first quarter, while gross bookings came in at $29.1 billion, up 33% year-over-year. basis, in line with analysts’ estimates that expected gross bookings between $28.5 billion and $29.5 billion.

In more detail, the gross bookings of the mobility department reached 13.4 billion dollars, increased by 57% on an annual basis, while the gross bookings of the delivery department increased by 12% to 13.9 billion dollars.

Source: Capital

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