Ride-hailing app Uber is reportedly having another quarter of continued losses after its “disastrous” IPO earlier this year.
In its recently released earnings report, the company said it burned through more than $5 billion which is its largest losses to date.
Gizmodo reports that Uber’s net losses this quarter far exceeded even generous estimations for a company that has dubbed 2019 an “investment year.” The company’s reported revenue came in at $3.17 billion, with adjusted losses of $5.24 billion.
Uber CEO Dara Khosrowshahi said in a statement, ‘Our platform strategy continues to deliver strong results, with Trips up 35% and Gross Bookings up 37% in constant currency, compared to the second quarter of last year.’
‘In July, the Uber platform reached over 100 million Monthly Active Platform Consumers for the first time, as we become a more and more integral part of everyday life in cities around the world,’ added Khosrowshahi.