Aug 6, 2020 - Technology

Uber stock drops after Q2 earnings results

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.