Is Uber Now a Delivery Company After This Quarter?

Uber Technologies Inc. (NYSE: UBER | UBER Price Prediction) reported second-quarter financial results after markets closed Thursday. The ride-sharing firm posted a net loss of $1.02 per share and $2.24 billion in revenue compared with consensus estimates that were calling for a net loss of $0.86 per share and $2.18 billion in revenue. In the same period last year, Uber reported a net loss of $4.72 per share and $3.17 billion in revenue.

During the latest quarter, gross bookings decreased 35% year over year to $10.22 billion, down 32% in constant currency. Monthly Active Platform Consumers decreased by 44% to 55 million, down from 99 million.

Also, the total number of trips decreased 56% year over year to 737 million, compared with the same period last year when Uber reported 1.68 billion trips.

Adjusted net revenue (ANR) growth decreased 33% year over year, or 31% on a constant currency basis, to $1.92 billion.

[nativounit]

In terms of its segments, the Uber reported:

• Mobility revenue decreased 66% year over year to $793 million.
• Delivery revenue increased 162% to $885 million.
• Freight revenue increased 27% to $211 million.
• ATG and Other Tech Programs revenue came in at $25 million.
• Other Bets revenue decreased 86% to $4 million.

On the books, cash, cash equivalents, and short term investments totaled $7.79 billion at the end of the quarter, versus $11.31 billion at the end of the previous fiscal year.

Shares of Uber closed Thursday at $34.72, in a 52-week range of $13.71 to $43.00. The consensus price target is $40.76. Following the announcement, the stock is initially down about 5% at $33.10 in the after-hours session.

[wallst_email_signup]

Contact [email protected] for any questions or corrections.