Ride-hailing trips, in the past responsible for nearly two-thirds
of Uber's revenue, increased 5 percentage points from their low in April, but
gross bookings remained down 75% from last year.
Homebound
customers of Uber
Technologies Inc more than doubled their orders from the company's
food-delivery service in the second quarter but demand for ride-hailing trips
only marginally recovered from pandemic rock-bottom.
The company said
that despite those larger challenges it is sticking to its goal of being
profitable on an adjusted basis before the end of 2021 thanks to stringent
cost-cutting measures and a strong balance sheet. Uber recorded an adjusted
loss in earnings before interest, taxes, depreciation and amortization of $837
million (636 million pounds) in the second quarter.
Shares were down
2.9% at $33.72 in after-hours trading.
Ride-hailing
trips, in the past responsible for nearly two-thirds of Uber's revenue,
increased 5 percentage points from their low in April, but gross bookings
remained down 75% from last year.
Uber's chief
executive officer, Dara Khosrowshahi, told analysts on a conference call on
Thursday that rides recovery depended on the ability of different countries to
contain the virus, with the recovery so far led by Asia, excluding India.
In Hong Kong and
New Zealand, ride bookings at times exceeded pre-Covid-19 levels, while trip
requests in Germany, France and Spain have improved to just a 35% decline from
a year ago.
"Our global
geographic footprint remains a huge advantage," Khosrowshahi said.
The company on
Thursday posted a $1.8 billion net loss from April through June, including
charges related to laying off 23% of its global workforce during a period when
infections of the novel coronavirus
continued to spread in the United States, Uber's largest market.
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