Uber disclosed earnings for the second time since becoming a public company, reporting revenues of $3.16 billion on losses of $5.2 billion for the second quarter of 2019.
$5.2 billion in net losses represents the company’s largest-ever quarterly loss. Revenue, for its part, is up only 14% year-over-year. The company says a majority of 2Q losses are a result of stock-based compensation expenses for employees following its May IPO. Stock compensation aside, Uber still lost $1.3 billion, up 30% from Q1.
“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 the earnings document.
Uber’s had a rough few months since making the leaps to the public markets. The stock has tumbled as the business finds it footing. Recently, Uber announced it was laying off one-third of its 1,200-person strong marketing department in an effort to slash costs and make operations more efficient.News of Uber’s piling losses comes one day after its key U.S. competitor, Lyft, beat on revenue with $867 million for the quarter on net losses of $644 million. That’s up from $505 million in revenue in Q2 2018 on losses of $179 million. Lyft closed up 3% Thursday at $62 per share. The company’s stock sunk in after-hours trading Wednesday after it announced the IPO lockup period would end more than a month early.
Uber Eats “monthly active platform consumers,” or MAPCs, grey 140% YoY, Uber said. The company now works with 320,000 restaurants.
This story is updating.