Uber losses top $5bn

Taxi-haling giant Uber has posted a whopping $5.24bn loss for the three months to the end of June. This is on revenues of $3.16bn.

The loss is also a significant jump on the $1bn lost in the first quarter results, issued after its stock market debut in May.

The results show that around $4bn of the losses stem from stock-based compensation tied to the company’s initial public offering.

There is a genuine worry, however, that Uber may never be profitable.

CEO Dara Khosrowshahi explained that 2019 will be Uber’s peak investment year. He thinks in 2020 and 20121 losses will fall and that ‘eventually’ the business will be breakeven and even a profitable business!