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Uber loses $5bn in three months ! www.drop.com.ng

Uber’s revenues rose 14% to $3.17bn in the second quarter, below analysts’ expectations of $3.3bn.
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Uber sees biggest-ever quarterly loss: $5bn in three months
Second earnings report shows worse-than-predicted losses and revenue growth

Uber lost $5.24bn in the last three months, its largest-ever quarterly loss, news that sent the ride-hailing company’s shares sliding 10%.

The company was reporting earnings for only the second time following its share sale in May. The latest losses were worse than analysts had expected and the company announced revenues that were also below predictions.

Uber’s revenues rose 14% to $3.17bn in the second quarter, below analysts’ expectations of $3.3bn and the smallest percentage on record.

The company’s share price, which had climbed over 8% during the day, fell more than 10% in after hours trading.

Earlier, Uber’s chief executive, Dara Khosrowshahi, told CNBC that 2019 would be “our peak investment year and we think that 2020, 2021, you’ll see losses come down”.

Uber’s huge losses have worried investors and the company’s shares have only closed above their initial public offering (IPO) price of $45 twice since its share sale.

Last month the company announced it was cutting 400 jobs from its marketing team as it tried to get costs under control.



Will Uber ever make money? Day of reckoning looms for ride-sharing firm
The latest quarterly loss was largely down to stock-based compensation related to its IPO, but excluding those costs, Uber losses were about $1.3bn, close to 30% worse than in the preceding quarter.

The company is locked in competition with its rival Lyft and is spending on a range of newer businesses including food delivery, Uber Eats, and freight.

Lyft announced better-than-expected revenue figures on Wednesday,

“While we will continue to invest aggressively in growth, we also want it to be healthy growth, and this quarter we made good progress in that direction,” said Nelson Chai, chief financial officer.

Despite the bad news, Uber continues to grow. The company completed 1.68bn rides and delivery trips over the quarter, better than the 1.65bn predicted by analysts.

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Marcus Rashford Man Utd vs Chelsea

Marcus Rashford scored twice against Chelsea on the opening weekend

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Marcus Rashford Man Utd vs Chelsea

A round up of the sport headlines from UK newspapers on 12 August

One-Minute Read
Monday, August 12, 2019 - 7:51am

The Premier League is back up and running and Manchester United's 4-0 humbling of Chelsea on the first of many 'Super Sundays' to come dominates the back pages.

Marcus Rashford (2), Anthony Martial and debutant Daniel James sank the Blues as Ole Gunnar Solksjaer turned Frnak Lampard's Chelsea debut as manager into a nightmare at the Theatre of Dreams.

See related 
Back pages: Man United hit Chelsea for four as Premier League returns Premier League 2019-20 predictions: title winners and relegation candidates

"All the focus over the summer was on whom Solskjaer would bring in, and he has clearly bought expertly in Harry Maguire, Aaron Wan-Bissaka and Daniel James, but what was slightly overlooked was the tactical work United were doing, restoring beloved principles," says Henry Winter in The Times. "Ole’s at the wheel and the revolution is being televised live."

It was a result to forget for Chelsea, but it was not all bad. "A 4-0 winning margin does not quite tell the full story, particularly when taking into account a first half in which Chelsea’s players often gave their opponents the run-around, hitting the woodwork twice as well as creating all sorts of danger," says Daniel Taylor of The Guardian.

Also mentioned in despatches are Arsenal, who beat Newcastle 1-0, Wolves and Leicester, who drew 0-0, and England's rugby team, who beat Wales at Twickenham in their first World Cup warm up.

Football Rugby
Manchester United Chelsea FC Premier League

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