Investors will be eyeing the ride-hailing stocks on Friday.
Uber shares tanked in the after-hours session Thursday after reporting adjusted sales that were worse than what analysts were expecting and $5.24 billion net loss in the second quarter. Uber’s report comes on the heels of Lyft’s much better-than-expected results. Gross bookings in the second quarter also fell short of expectations at $15.76 billion. Analysts expected $15.83 billion in gross bookings. Uber posted an adjusted EBITDA loss of $656 million, which was a 25% decline from last quarter.
“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,” CEO Dara Khosrowshahi said in a statement. “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.”
On a call with media, Khosrowshahi also pointed to the growing competition in the food delivery space.
Meanwhile on the economic data front, the Producer Price Index reading for July will also be a focal point for investors on Friday. PPI data is often looked to as a gauge of U.S. producer prices. Core producer prices are expected to have risen 0.2% from June and 2.4% from last year, according to economists surveyed by Bloomberg.
“Like other inflation measures, growth in the producer price index has slowed this year,” Wells Fargo wrote in a note Aug. 1. “If PPI inflation were to slow further, it would likely reinforce markets’ views that this week’s rate cut by the Fed will not be a one-and-done move. Our forecast is for one more rate cut this year, and for inflation to eventually pick up around the end of the year.”
Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung.
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