A banner of Uber Technologies Inc. is seen hanging outside the New York Stock Exchange in New York, the United States, May 10, 2019. U.S. ride hailing company Uber Technologies Inc. began trading on the NYSE on Friday. (Xinhua/Wang Ying)
The COVID-19 response initiatives had an impact on GAAP net loss of 48 million dollars, says the San Francisco-based ride-hailing company.
SAN FRANCISCO, Aug. 6 (Xinhua) -- Uber Technologies on Thursday announced financial results for the second quarter ending June 30, 2020 with a net loss of 1.8 billion U.S. dollars.
Uber's gross bookings declined to 10.2 billion dollars, down 35 percent year on year. Its revenue declined 29 percent to 2.2 billion dollars compared with the same fiscal period of 2019, the company said.
Photo taken on Aug. 8, 2018, shows the Uber and Lyft Apps on an iPhone in New York, the United States. (Xinhua/Li Muzi)
According to Uber's quarterly results, its unrestricted cash, cash equivalents and short-term investments were 7.8 billion dollars.
The COVID-19 response initiatives had an impact on GAAP net loss of 48 million dollars, the San Francisco-based ride-hailing company said.
"Our team continues to move at Uber speed to respond to the pandemic's impact on our communities and on our business... harnessing the strong tailwinds driving exceptional growth in Delivery, with Gross Bookings growing 122 percent year-over-year excluding exited markets," said Uber CEO Dara Khosrowshahi.
Taxi cars are seen during a protest in front of the Parliament, Amman, Jordan, on Nov. 13, 2018. Taxi drivers held a protest here on Tuesdy against Uber. (Xinhua/Mohammad Abu Ghosh)
"Our Mobility segment generated 50 million US dollars in Adjusted EBITDA (Earnings before interest, taxes, depreciation and amortization) profit, despite a 73 percent year-over-year decline in Gross Bookings, on a constant currency basis," said Nelson Chai, Uber's CFO.
"We improved our Delivery Adjusted EBITDA margin by 33 percentage points, and took quick and decisive action to remove over 1 billion dollars in annualized costs across the entire company," Chai said. ■
