The latest earnings show that Uber is still losing a lot of money

The latest earnings show that Uber is still losing a lot of money

Uber’s doubled its bookings over the same quarter last year — which was the worst quarter of the pandemic — but still posted an adjusted earnings loss of $509 million, the ride-hailing company’s latest earnings show.

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Highlights

  • “In Q2 we invested in recovery by investing in drivers and we made strong progress, with monthly active drivers and couriers in the US increasing by nearly 420,000 from February to July,” CEO Dara Khosrowshahi said in a statement.

  • Gross bookings across the brand’s mobility, delivery, and freight segments reached a total $21.9 billion in the second quarter, using up more than $1.28 billion in cash.

“Our platform is getting stronger each quarter, with consumers who engage with both Mobility and Delivery now generating nearly half of our total company Gross Bookings,” he added.

Read more: Meet 12 Uber Eats Alumni Who Left to Launch Their Own Startups

Khosrowshahi also highlighted the addition of more than 420,000 monthly active drivers and couriers to the network from February to July, and the company said that driver earnings growth outpaced revenues by 30 percentage points.

CFO Nelson Chai said in the release that the losses are expected to continue into another quarter, hopefully shrinking to $100 million on gross bookings of between $22 and $24 billion.

In a sign of the wider recovery from the pandemic, Uber reported seven times more airport trips this year over last year.