Uber made a whole lot of money last quarter, but somehow it still managed to not turn a profit. The company reports its Q2 results were bolstered by high demand from ride-share customers and folks who ordered takeout. Those results doubled to $8.1 billion in revenue.
“Last quarter I challenged our team to meet our profitability commitments even faster than planned — and they delivered,” CEO Dara Khosrowshahi said in a statement. “Importantly, they delivered balanced growth.”
In the three-month period ending on June 30, Uber reported gross bookings (that include ride hailing, food delivery and freight) rose 33 percent to an all-time high of $29.1 billion. However, Uber still posted a net loss of $2.6 billion in that same period, and $1.7 billion of those losses came from losses in its equity investments. If you compare that loss number to the same time last year, it’s a bit grim, netting a total of $1.1 billion in Q2 of 2021.
There is at least one positive moving stat: Uber reports ridership is up with 122 million people using the service — originally forecasted at 120.5 million.
“This marks a new phase for Uber, self-funding future growth with disciplined capital allocation, while maximizing long-term returns for shareholders,” Nelson Chai, Uber CFO said in a statement.
Looking to next quarter, Uber is anticipating generating gross bookings between $29 and $30 billion. But who’s to say they’ll make a profit with it? While Uber knows how to make money, it also really knows how to spend it. Even if you take away the losses the ride-sharing company sustained from equity investments, the company still lost $900,000,000. That’s a lotta scharole, if you know what I mean.