Uber Technologies Inc. UBER second quarter 2019 report probably won't receive the accolades garnered by its ride-hailing competitor, Lyft Inc LYFT.
Uber's second quarter as a public company saw a loss of $4.72 per share, which was much worse than the $2.01 per share loss reported a year ago and the wide range of consensus estimates calling for a loss of slightly more than $3 per share.
The results of Uber Freight, a digital freight matching marketplace, roll up through the Other Bets division. Other Bets revenue increased 175 percent year-over-year to $195 million with gross bookings coming in at $182 million, 153 percent higher year-over-year. However, Other Bets lost $122 million in the period, much more than last year's $28 million loss.
The company states that Other Bets revenue primarily consists of Uber Freight.
"Uber Freight added new shipping customers across the enterprise, middle market, and small- and medium-sized business segments. Our platform for shippers targets the underserved long tail of small shippers with an automated self-serve tool that helped drive 10X year-over-year revenue on the platform," stated the press release.
Total revenue was up 14 percent year-over-year at $3.17 billion, well short of the consensus estimate of $3.36 billion. Gross bookings increased 31 percent year-over-year to $15.8 billion. Uber also announced that active users surpassed 100 million in July. Monthly active platform consumers increased 30 percent in the quarter to 99 million.
"Our platform strategy continues to deliver strong results, with Trips up 35 percent and Gross Bookings up 37 percent in constant currency, compared to the second quarter of last year. In July, the Uber platform reached over 100 million Monthly Active Platform Consumers for the first time, as we become a more and more integral part of everyday life in cities around the world," said Uber's Chief Executive Officer Dara Khosrowshahi.
On a consolidated basis, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was a loss of $656 million, more than twice the second quarter 2018 loss, but roughly $200 million better than the first quarter 2019 result.
In comparison, Lyft saw a sizable revenue outperformance and trimmed its operating loss expectations moving forward. Given the better than expected second quarter 2019 revenue result, Lyft said the peak for operating losses was likely behind them.
Shares of UBER are off more than 4 percent in after-hours trading.
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