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Uber stock price drops after missed Q2 expectations

Photo: Jaap Arriens/NurPhoto via Getty Images

Uber's stock price dropped by more than 12% after its Q2 revenue and losses missed analyst expectations.

By the numbers:

  • Revenue: $3.17 billion , versus $3.3 billion expected.
  • Net loss: $5.24 billion, versus losses of $3.4 billion expected. Uber says its losses include $298 million in IPO-related driver rewards and $3.9 billion in employee stock compensation.
  • Loss per share: $4.72, versus a loss of $3.19 per share expected.
  • Gross bookings: $15.76 billion, up 31% from a year ago.
  • Monthly active platform consumers: 99 million, up 30% from a year ago.

Yesterday, rival Lyft posted better-than-expected revenue for Q2 and raised its outlook for the rest of 2019.

Go deeper

Alayna Treene, author of Sneak Peek
3 hours ago - Politics & Policy

McConnell drops filibuster demand, paving way for power-sharing deal

Senate Majority Leader Chuck Schumer (R) and Minority Leader Mitch McConnell attend a joint session of Congress. Photo: Olivier Douliery/AFP via Getty Images

Senate Minority Leader Mitch McConnell has abandoned his demand that Democrats state, in writing, that they would not abandon the legislative filibuster.

Between the lines: McConnell was never going to agree to a 50-50 power sharing deal without putting up a fight over keeping the 60-vote threshold. But the minority leader ultimately caved after it became clear that delaying the organizing resolution was no longer feasible.

Go deeper (1 min. read)Arrow
Ashley Gold
4 hours ago - Technology

Scoop: Google won't donate to members of Congress who voted against election results

Sen. Ted Cruz led the group of Republicans who opposed certifying the results. Photo: Stefani Reynolds/Pool/AFP via Getty Images

Google will not make contributions from its political action committee this cycle to any member of Congress who voted against certifying the results of the presidential election, following the deadly Capitol riot.

Why it matters: Several major businesses paused or pulled political donations following the events of Jan. 6, when pro-Trump rioters, riled up by former President Trump, stormed the Capitol on the day it was to certify the election results.

Go deeper (<1 min. read)Arrow
Alayna Treene, author of Sneak Peek
5 hours ago - Politics & Policy

Minority Mitch still setting Senate agenda

Illustration: Aïda Amer/Axios

Chuck Schumer may be majority leader, yet in many ways, Mitch McConnell is still running the Senate show — and his counterpart is about done with it.

Why it matters: McConnell rolled over Democrats unapologetically, and kept tight control over his fellow Republicans, while in the majority. But he's showing equal skill as minority leader, using political jiujitsu to convert a perceived weakness into strength.

Go deeper (2 min. read)Arrow