Thursday, August 5th, 2021
Investors still disappointed
Uber is picking up speed again
More journeys, more food deliveries – the Uber drivers were on the road significantly more often in the past quarter. Nevertheless, the losses remain high. The adjusted result is hardly a source of enthusiasm among investors.
Business at taxi competitor Uber is getting back on its feet after the corona pandemic slump. In the second quarter, the company doubled sales compared to the same period last year to 3.9 billion dollars (3.3 billion euros), as it announced on Wednesday after the US market closed.
Both the main business with driving service brokerage – which was largely paralyzed by the pandemic a year ago – and the delivery division around the food delivery service Uber Eats posted strong growth. Incentives for drivers, however, weighed on sales. The uncertainty caused by the pandemic is affecting the prospect of a recovery, the company warned. Uber achieved a quarterly profit of $ 1.1 billion, but this was only due to positive balance sheet effects from investments in Chinese rival Didi and the robot car company Aurora.
Adjusted earnings before interest, taxes, depreciation and amortization were, however, still more than half a billion dollars in the red and were worse than most analysts expected. That did not go down well on Wall Street: Investors initially let Uber’s shares fall by more than six percent after the hours of trading.
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