Uber shares slide on mixed second quarter results, weak guidance
Uber Technologies Inc.’s shares declined by 5.3% today after it posted mixed earnings and disappointing guidance.
The ride-hailing giant’s revenue grew 12% in the second quarter to $14.19 billion. That’s about $50 million less than what analysts had expected. By contrast, Uber’s gross bookings, a metric that tracks the total value of customer purchases on its apps, topped the consensus estimate. The company reported $58 billion while Wall Street was looking for $57.23 billion.
“Uber’s platform advantage continues to compound: record consumers and engagement, and profitable growth across our business,” said Uber Chief Executive Officer Dara Khosrowshahi. “In fact, we’ve added more first-time users over the past twelve months than in any period over the past five years.”
Uber’s flagship mobility business accounted for more than half its revenue. However, it trailed the company’s other core segments in sales growth. Uber’s mobility revenue climbed just 1% to $7.36 billion despite the fact that its gross bookings jumped 22%.
