Uber’s second quarter earnings and revenue both fell short of analysts’ expectations, sending its shares lower during pre-market Friday.
The ride service hailing technology company reported loss of -$4.72 per share, compared to a loss of- $3.12 per share that the Street expected.
Revenue of $3.17 billion for the quarter also came in lower than the $3.36 billion expected by analysts.
Uber’s core ride-hailing business had $12.19 billion in gross bookings during the second-quarter, surpassing analysts’ estimate of $12.11 billion. But its relatively new business, food delivery service Uber Eats, generated $3.39 billion in gross bookings – lower than analysts’ expectations of $3.51 billion in gross bookings.
In recent weeks, Uber slashed around 400 jobs from its marketing team.
CEO Dara Khosrowshahi in a conversation with CNBC mentioned that the company expects losses to narrow in 2020 and 2021, and that 2019 will be its peak investment year