UBER declares its biggest quarterly loss


UBER announced on Thursday a stupendous loss amounting to $5.2billion for its second quarter financial report from May to June, recording its worst quarterly loss.

The loss mostly came from stock-based compensation expenses (worth $3.9 billion) which were part of the company’s scheme for public appeal in the last three months.

The other source of UBER’s loss was its investments offering discounts to core ride-hailing, meal deliveries, and other marketing strategies to attract customers.

Despite the company’s effort to strike big investments, its profit gain is growing slowly. UBER’s public offerings make only small portions of their profit.

As a consequence of low-profit posting, its shares in the market dropped by 12%.

Prior to their quarterly loss announcement, UBER was reported to have axed hundreds of employees particularly in their marketing department, saying it was all part of the department restructuring.

The information and recommendations contained in this analytical document are published strictly for information purposes and are not considered as an offer to buy or sell the trading tools mentioned above and are not intended to motivate to perform certain transactions
Something went wrong