Uber Technologies Inc. UBER stock fell in after-hours trading Thursday following a second-quarter report that showed a wider-than-expected loss of $4.72 per share versus a consensus estimate of a $3.20 per share loss.
Uber's quarterly revenue rose 14% from $2.7 billion in the second quarter of 2018 to $3.2 billion.
Uber shares were down 11.33% at $38.23 in after-hours trading at the time of publication Thursday.
The ride-hailing service reached the 100-million mark in monthly active platform consumers for the first time in July and posted 35% year-over-year growth in trips and 37% year-over-year growth in gross bookings, according to Uber.
"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," CFO Nelson Chai said in a statement.
More than half of Uber drivers in the U.S. are enrolled in the driver rewards program Uber Pro, the company said.
For riders, the Uber Rewards program became available in May, and participants are twice as likely to use both the Rides and Eats apps, Uber said.
Uber Eats posted 140% year-over-year growth in monthly active platform consumers.
Rival ride-hailing service LYFT Inc LYFT posted a second-quarter revenue beat, a smaller-than-expected loss per share and a wider year-over-year adjusted EBITDA loss Wednesday.
Related Links:
90 Stocks Moving In Thursday's Mid-Day Session
Lyft's Quarter Shows Ride-Sharing Market Strength, May Be Good Sign For Uber
Photo courtesy of Uber.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
