Illustration: Lazaro Gamio / Axios

Uber is once again losing money, after turning a first quarter profit thanks to the sales of its Russia and Southeast Asia units.

Why it matters: Uber plans to go public by the end of 2019, but continues to balance its desire for profitability with increased investment in areas like food delivery business, bike-share and self-driving.

Top line: $2.7 billion in net revenue for Q2, up 49% from a year ago and a 10% increase from the previous quarter (excluding Russia and Southeast Asia), according to documents provided by the company.

  • Gross bookings, which include driver earnings, hit $12 billion. That's up 38% from a year ago, and over 6% from Q1.

Bottom line: $891 million loss on a GAAP basis. That's a big drop from nearly $2.5 billion in Q1 profits, but better than the $1.1 billion loss from Q4 2017.

  • Adjusted EBITDA loss (Uber’s preferred metric) was $614 million, which is slightly better than $645 million during the year-earlier period. The pro forma adjusted EBITDA loss climbed from $304 million in Q1 to $404 million in Q2.
  • Uber increased its spend in areas like marketing and R&D, but its largest bump was in the "general and administrative" bucket, which includes reserves for potential legal settlements and impairment charges from winding down its car leasing units.

Balance sheet: $5.7 billion of cash and $4.7 billion of long-term debt, as of June 30, 2018. Overall assets are listed at $21.1 billion, and overall liabilities at $14.2 billion.

Drivers made $8.23 billion during the second quarter, plus received another $427 million in incentives and miscellaneous payments.

Go deeper

18 mins ago - Podcasts

The child care tax on America's economy

Child care in the U.S. is in crisis, which makes it much harder for the American economy to recover — as providers struggle to stay in business and parents wrestle with work.

Axios Re:Cap digs into the problems and what can be done to solve them, with Vox senior reporter Anna North.

Viral load is a puzzle in COVID-19

Illustration: Eniola Odetunde/Axios

How sick a person gets from a virus can depend on how much of the pathogen that person was exposed to and how much virus is replicating in their body — questions that are still open for the novel coronavirus.

Why it matters: As people try to balance resuming parts of their daily lives with controlling their risk of COVID-19, understanding the role of viral load could help tailor public health measures and patient care.

Updated 54 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4 p.m. EST: 32,048,333 — Total deaths: 979,454 — Total recoveries: 22,025,324Map.
  2. U.S.: Total confirmed cases as of 4 p.m EST: 6,962,333 — Total deaths: 202,467 — Total recoveries: 2,670,256 — Total tests: 97,459,742Map.
  3. Health: Cases are surging again in 22 states — New York will conduct its own review of coronavirus vaccine.
  4. Business: America is closing out its strongest quarter of economic growth.
  5. Technology: 2020 tech solutions may be sapping our resolve to beat the pandemic.
  6. Sports: Here's what college basketball will look like this season.

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Subscription failed
Thank you for subscribing!