Uber Technologies Inc.’s ridership rebounded strongly in the most recent quarter from last year’s pandemic lows and its food-delivery showed signs of strength even as in-restaurant dining picked up.
Uber said Wednesday its adjusted loss excluding tax, interest and some costs narrowed to $509 million in the second quarter from $837 million in the year-earlier period. That still missed the average analyst estimate for an adjusted loss before items of $322 million, as the company spent on incentives to woo drivers amid a shortage that has driven up passenger fares.
The company said it sees its loss by that measure narrowing to less than $100 million in the current quarter, and said it remains on track to post a profit by that measure by the fourth quarter.
Uber is among the companies that were both walloped by the pandemic, as cities went into lockdown and ridership plummeted, and benefited from people stuck at home turning in record numbers to food delivery. Easing pandemic restrictions boosted Uber’s rides business in the second quarter, but rising Covid-19 infections could dampen prospects in the near-future.
Uber reported record bookings in the second quarter. Its bookings grew 114% year-over-year to $21.9 billion in the three months ended in June. Bookings for Uber Eats, its delivery arm, grew 85% while the rides business more than doubled from the lows of last year.
