Uber loses 524B in 2Q after postIPO stock payouts

NEW YORK — Uber lost $5.24 billion in the second quarter after making huge stock-based payouts in the months following its stock market debut.The ride-hailing giant said Wednesday it paid $3.9 billion in stock-based compensation and expenses during the quarter. It also paid $298 million in stock and cash to drivers to show appreciation in connection with the IPO.The loss per share including those expenses totalled $4.72.Uber’s revenue rose 14% to $3.17 billion.Analysts surveyed by FactSet expected a loss of $2.03 per share on revenue of $3.31 billion, on average.CEO Dara Khosrowshahi told reporters he expects the losses to diminish in coming years while the company invests aggressively. He says there’s no doubt the business will eventually become profitable.Cathy Bussewitz, The Associated Press

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