Uber’s second quarter revenue fell 29% to $2

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.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.The number of active platform users across the 69 countries in which Uber operates nearly halved year over year, from 99 million to 55 million.Uber’s second quarter revenue fell 29% to $2.24 billion from the year prior, beating analysts’ average estimate of $2.18 billion, according to IBES data from Refinitiv.Revenue at Uber Eats doubled to $1.2 billion, boosted by greater demand for delivery as Americans largely continue to stay home. Uber last month expanded its delivery reach by announcing the acquisition of Postmates Inc for $2.65 billion to expand the business of supplying everyday goods.Uber’s ride hailing segment remained battered by the coronavirus crisis, with revenue from the United States and Canada, its largest combined market, declining $1.25 billion.

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