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Uber posts wider-than-expected loss in Q2'19

Uber Technologies Inc. posted a wider-than-expected quarterly net loss in its second earnings report as a public company.

Net loss for the second quarter ending June 30 rose to $5.24 billion from a net loss of $878 million in the prior-year quarter. Analysts expected the company to post a net loss excluding exceptions of $5.11 billion for the quarter, according to S&P Global Market Intelligence, with four analysts reporting.

Uber said its earnings include $3.9 billion of stock-based compensation expenses, and a $298 million driver appreciation award related to its initial public offering.

Uber's diluted net loss per common share was $4.72 versus a net loss of $2.01 in the second quarter of 2018.

Shares of the San Francisco-based ride-hailing company were down 3.19% to $41.60 in after-hours trading.

Second-quarter revenue came in at $3.17 billion, up from $2.77 billion in the second quarter of 2018, as the number of monthly active platform consumers reached 99 million during the quarter, up 30% from 76 million a year prior. The revenue figure missed the mean consensus estimate of $3.39 billion, according to Market Intelligence.

Gross bookings for the quarter hit $15.76 billion, up 31% from $12.01 billion a year ago.

Adjusted net revenue for Uber Eats reached $337 million, up 53% year over year from $220 million. Gross bookings for Uber Eats grew 91% to $3.39 billion compared with $1.77 billion a year ago.

Adjusted net revenue for Uber's ride-sharing business rose 4% to $2.31 billion from $2.22 billion in the year-ago period.