Uber has 99 million active consumers on its platform in Q2, but revenue misses

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Uber said that it had 99 million active consumers on its platform for Uber Eats and ridesharing, but its revenue fell short of expectations.

The company, which is billing itself as a mobile technology platform that can extend into logistics and other transportation areas, reported a second quarter net loss of $5.24 billion, or $4.72 a share, on revenue of $3.17 billion, up 14% from a year ago.

Wall Street was looking for revenue of $3.66 billion with a net loss of $3.19 a share.

Uber’s net loss includes $3.9 billion in stock-based compensation expenses and $298 million in driver appreciation awards related to its IPO. Uber said it made 1.677 million trips in the quarter, up 35% from a year ago.

While Uber’s revenue primarily is tied to ridesharing the launch of Uber Rewards along with Uber Eats and Uber Freight may diversify sales over time.

The results follow Lyft’s better-than-expected earnings report on Wednesday. Lyft indicated that pricing has become more rationale and that improved profit margins. Lyft is also focused on ridesharing where Uber has broader ambitions.

By the numbers:

  • Uber Eats monthly active platform consumers were up 140% fro a year ago.
  • Uber Freight saw a 10x year-over-year revenue jump from a year ago from a small base.
  • Research and development costs for the six months ended June 30 were $3.47 billion.
  • US and Canada were Uber’s biggest market by revenue followed by EMEA and Latin America.  
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Uber has 99 million active consumers on its platform in Q2, but revenue misses
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