US News Uber share is destroyed: Uber writes black numbers and increases sales strongly

Net income attributable to Uber Technologies, Inc. was $1.1 billion, including $272 million in stock-based compensation expense. Net income benefited from unrealized gains of $1.4 billion and $471 million due to the revaluation of Uber ’s equity investments in Didi and Aurora, respectively. “Our platform is getting stronger each quarter, with consumers who engage with both Mobility and Delivery now generating nearly half of our total company Gross Bookings.” investor.uber.com

Uber UBER , -2.29% shares fell as much as 9% after hours, after falling more than 2% in the regular session to close at $41.81. Uber said it had 101 million monthly active-platform consumers during the quarter, falling short of analysts’ expectation of 108.9 million. Gross bookings rose to $21.9 billion, above analysts’ expectations Uber reported second-quarter net income of $1.1 billion, or 58 cents a share , largely due to unrealized gains in its investments in Didi Global Inc. DIDI, -3.57% and self-driving company Aurora. That compared with a loss of $1.8 billion, or $1.02 a share , in the year-ago period. www.marketwatch.com

Uber shares were down 6.3% in after-hours trading after closing the regular session down 2.2%. The company also warned investors that uncertainty from the Delta variant of the coronavirus continues to impact visibility into recovery. But Uber reaffirmed its goal of hitting profitability on an adjusted EBITDA basis at the end of this year and said it would reduce losses to $100 million in the third quarter. Uber said riders returned to its platform in greater numbers in July and it expects the trend to continue in the coming months, together with strong food delivery orders. finance.yahoo.com

Uber is, however, vulnerable to a rapid decline in market share and the subsequent consequences. They’re losing money trying to compete with Lyft on the low-end, and are even cannibalizing the rides where they are dominant. Uber is obviously clueless as to how many people make decisions based on brand Sadly, Uber also doesn’t seem to understand that ethics is more about how a business treats its partners and customers than it is about adherence to some rigid set of rules. But still, Uber is too strongly entrenched in too many markets, with symbiotic relationships with drivers and riders, to be

Find the latest Uber Technologies, Inc. ( UBER ) stock discussion in Yahoo Finance's forum. Share your opinion and gain insight from other stock traders and investors. I am sure Uber hoped to mark up the value of their stake in Didi. It is marked to market at a 5.9 billion value at the end of March, thus magically reducing their perpetual losses, as they did last quarter with that bit of financial wizardry. Now it seems it may be valued at no more than 4.4 billion leading to a forced write down of about 1.5 billion on top of the usual 1.2 billion loss, unless China announces some new torture for Didi.

Uber kickstarted the evolution of the taxi market in the early 2010s, when it launched an app which easily connected drivers with riders. In California where the app launched, ordering a cab was a nightmare, so much so that co-founder Garrett Camp had established his own fleet of black cabs to pick him During Kalanick’s tenure as CEO, Uber became the brand most people associate with ride hailing. It took the US by storm and quickly expanded into Europe, Asia and South America. Kalanick also oversaw Uber launch Eats, Freight and its autonomous vehicle unit, as he attempted to expand

As Uber and Lyft fight for market share in the United States, a calculation known as a take rate has become front and center. Both companies have to try and please drivers, riders, and investors, putting the companies in a difficult position. Setting these rates is a delicate dance as the two companies — basically the only competitors in most of the country — fight to win over both drivers and riders. The higher the take rate, the more money Uber or Lyft can add to their coffers, and the better the numbers look to Wall Street investors.

Uber ’s hopes of a surge in the price of its shares have fallen flat, as investors gave the taxi-hailing app’s eagerly anticipated stock market float a frosty reception by sending the shares below their launch price. Last year it made an operating loss of $3bn. The company said: “We have incurred significant losses since inception, including in the United States and other major markets. We expect our operating expenses to increase significantly in the foreseeable future, and we may not achieve profitability.”