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Uber shares fall after the earnings report shows huge losses



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

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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. [19659002] 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.


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