August 09 - 11:08
Uber loses more than $5 billion in three months
Uber's second quarter results make grim reading for investors. Losses passed $5 billion as the ride-hailing firm suffered from paying stock-based compensation expenses following its IPO. Revenues rose by 14% but this figure fell short of analysts' predictions. "Competition is cut-throat," said one analyst. Rivals Lyft posted lower-than-expected losses on Wednesday.
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