Uber Sees Gross Bookings Drop 35% in Second Quarter of 2020
Suffering a net loss of $1.78 billion USD.
On Thursday, rideshare giant Uber published its earnings report for the second quarter of 2020, noting a 35 percent drop in gross bookings.
The decline of gross bookings down to $10.2 billion USD over the quarter translates to a revenue of just $2.24 billion USD, a staggering 29 percent lower than the same period in the previous year. While the company also suffered a significantly smaller net loss of $1.78 billion USD compared to the whopping $5.24 billion USD a year ago, its net loss per share was still greater than expected by analysts, coming in at $1.02 USD instead of $0.86 USD. In light of this weaker performance, Uber’s stock price dropped more than four percent in after-hours trading following the announcements.
Despite this, the company remains hopeful for the near future, depending on how fast various countries are coming back from the ongoing coronavirus pandemic. “Our mobility recovery is clearly dependent on the public health situation in any given area,” said CEO Dara Khosrowshahi during the earnings call for Q2. “Asia and India is in the recovery. We’ve seen gross bookings in Hong Kong and New Zealand at times exceed pre-COVID highs and European trends have also been encouraging.”
In other business-related news, Nintendo’s profits soared 400 percent during COVID-19.
