The chief executive of Uber Technologies, Dara Khosrowshahi.
Adriano Machado | Reuters
Shares of Uber were down as much as 8% in pre-market trading following disappointing second quarter results on Thursday evening.
Uber missed expectations on the top and bottom lines, reporting a loss per share of $4.72 versus an expected loss of $3.12 per share. It reported revenue of $3.17 billion versus $3.36 billion expected by Wall Street. The company lost $5.2 billion during the quarter, which the company said was largely due to stock-based compensation.
CEO Dara Khosrowshahi said in an interview with CNBC’s Deirdre Bosa that there’s “no doubt in my mind that the business will eventually be a break even and profitable business,” and said he expects losses to subside in 2020 and 2021.
He added that he doesn’t think the Uber Eats food-delivery service will be profitable during the same time period, however, as it tries to chase growth.
CNBC’s Lora Kolodny contributed to this report.
