Tina Bellon and Akanksha RanaUber Technologies on Wednesday reported widening losses even as trips and deliveries grew as driver incentives hit revenue at the ride-hailing and food delivery company.
But Uber reaffirmed its goal of hitting profitability on an adjusted ebitda basis at the end of 2021 and said it would reduce losses to $100m in the third quarter. That assumes the more contagious Delta variant does not reverse a gradual reopening of the US economy, an issue that rival Lyft said on Tuesday it was monitoring.
Uber spent $250m in driver incentive investment in the second quarter, which increased losses at its ride-hailing business. Uber said mobility profitability will expand significantly as US and Canadian driver investments fade, a trend it has witnessed in Australia and other markets. “More so to offset any losses given the uncertainty surrounding the Delta variant later in the year,” Pescatore said.
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