Aug 6, 2020 - Technology

Uber stock drops after Q2 earnings results

An Uber icon in a giant wave amid a storm
Illustration: Sarah Grillo/Axios

Despite beating analyst revenue expectations for Q2, Uber missed earnings predictions and posted an overall drop in its business.

Why it matters: Uber has been hard hit by the coronavirus pandemic as people continue to limit their activities outside the home.

  • Notably, Uber's food delivery business has more than doubled in the past year and now has larger gross bookings than its ride-hailing business.

By the numbers (estimates via CNBC):

  • Loss per share (adjusted): $1.02, compared to $0.86 expected, per Refinitiv.
  • Revenue: $2.24 billion, compared to $2.18 billion expected, per Refinitiv.
  • Monthly active platform consumers: 55 million, down 44% year-over-year.
  • Trips: 737 million, down 56% year-over-year.
  • Gross bookings: $10.22 billion, down 35% year-over-year.
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