Uber shares fell 8% in premarket trading Friday, a day after the drive reported disappointing revenue in the second quarter, including a huge $ 5.2 billion loss in the three-month period.
Uber missed top and bottom line expectations, reporting a $ 4.72 loss per share against an expected loss of $ 3.12 per share. It reported sales of $ 3.17 billion against $ 3.36 billion expected by Wall Street. The company said the $ 5.2 billion loss during the quarter was largely due to stock-based compensation.
CEO Dara Khosrowshahi said in an interview with CNBC's Deirdre Bosa that "there is no doubt in my mind that business will eventually be a break and profitable business." He also said he expects losses to subside in 2020 and 2021
He added that he does not believe that food delivery service Uber Eats will be profitable in the same time period, but it is trying to chase growth.  In an interview with CNBC's David Faber and Jim Cramer on Friday, Khosrowshahi said the company's staggering $ 5.2 billion loss was a "once-in-a-lifetime hit" when trying to steer it toward profitability. He added that Uber is aiming for 30% sales growth during the half year.
– CNBC's Lora Kolodny and Annie Palmer contributed to this report.