Uber revenue + 14 % – loss widens to 5,4 billion

The ride-hailing company Uber (UBER) reported its second quarter figures, ending June 30.  According to the company info, the revenue rose 14 % to 3,1 billion dollars, while the loss increased to 5,4 billion dollars from 739 million loss a year earlier. Diluted net loss was 4,72 dollars per share, while it was -2,01 dollars a year ago.

According to Uber, the operating loss includes for example the driver compensation of nearly 300 million dollars related to the IPO process.

The ridesharing revenue rose 2 % to 2,3 billion dollars during the quarter and the Uber Eats revenue rose 72 % to 595 million dollars.

-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,” said Dara Khosrowshahi, CEO, in the press release.

-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, the CEO said.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business Finance Tech

Lyft expects 3,3 billion dollars revenue for 2019

The public listed company Lyft (LYFT) reveiled its results for the first quarter. According to the company,it made a 1,14 billion dollar loss for the period with the revenue of 776 million dollars. The company also estimated that the total year revenue would be 3,3 billion dollars.

Lyft also said that the net loss includes a 894 million dollars of stock-based compensation and payroll tax expenses in connection with the company IPO offering in March. The company raised 2 billion dollars in the listing process.

The company is having 30 million riders and 2 million drivers.The company stock was trading down 4,3% to 56,89 dollars on Wednesday.

The rival company Uber (UBER) is to have its IPO in the New York Stock Exchange on Friday.

Business Travel

Tesla Q1 revenue 4,5 billion dollars – profitable again in Q3

The SUV cars manufacturer Tesla (TSLA)  published its Q1 figures and according to the release, the Q1 revenue was 4,5 billion dollars during the period. The Refinitiv estimate was 5,2 billion dollars. The interim report was published after the trading closing in Wall Street on Wednesday evening.

– We expect Tesla to return to profitability in Q3 and significantly reduce our loss in Q2, said the CEO Elon Musk in the release.

The company operating loss was 522 million dollars during the quarter and net loss 702 million dollars, which include 188 million dollars of non/recurring charges. The loss per share was 4,10 dollars compared a profit of 0,81 dollars at the year end and loss of 4,19 dollars a year ago.

The company ended the quarter wiht 2,2 billion of cash, which shows  a 1,5 billion dollars reduction the the year end situation. The reason behind was the 920 million convertible bond repayment and the increase of number of vehicles in transit to customers.

The company has announced earlier that the Q1 deliveries were 63.000 vehicles, when the market estimates were 76.000 vehicles. These  challenges have caused vehicle deliveries to shift into Q2.

Tesla started  production and delievires of Model 3 vehicles for overseas markets during the first quarter. And this was also one of the reasons for delays in deliveries and shifts to the Q2. Tesla said it will focus further to improve operations, cost efficiency and customer experience globally.

– If our Gigafactory Shanghai is able to reach volume production early in Q4 this year, we may be able to produce as many as 500 000 vehicles globally in 2019. This is an aggressive schedule, but it is what we are targeting. However, based on what we know today, being able to produce over 500 000 vehicles globally in the 12/month period ending June 30, 2020 does not appear very likely, he said in the release.

According to Musk, the company operating cash flow less capex should be positive in every quarter, including the Q2. And due to the cost reduction and higher deliveries, the company should return to profitability in Q3.

Tesla shares closed down nearly 2 percent today in Wall Street. The stock closed -1,99 % to 257,85 dollars.

Business Finance Tech

Deutsche Bank and Commerzbank in merger talks

The two big German banks, the Deutsche Bank and Commerzbank (CBK) are having merger talks. According to several news sources, the German Goverment has already given positive signs to the possible merger. According to Reuters, the decision should be announced in the coming weeks.

If the merger would take place the combined banks would have a market value of 24 billion euros, while at the moment the Deutsche Banks (DBK)´s value is at 15,90 billion euros. The both banks have had downward trend in the stock market, while Deutsche´s share has decreased 13 % and Commerzbanks´s 12,4 % during a year period.

Deutsche Bank´s revenue was 5553 million euros in 2017 compared to Commerzbank´s 2036 million euros. Deutsche´s profit margin was -7,65 % and Commerzbank´s 5,55 %.

The German Goverment owns over 15 % of the Commerzbank, while Deutsche is owned by institutional shareholders, which represent 81 % of the shares. Majority of shareholders are located in Germany.

Business Finance

Uber´s annual bookings 50 billion dollars

The US ride-sharing company Uber published on Friday its last year 2018 figures. According to the information, the company had annual bookings worth 50 billion dollars during last year. In December Uber filed a confidential IPO, which may come during the second quarter of this year.

Uber´s full year revenue was 11,3 billion dollars, which is showing a 43 % increase compared to previous year. The full year loss before taxes and depreciations was 1,8 billion dollars. The loss was 2,2 billion dollars in 2017. The Q4 revenue was 3 billion dollas, an increase by 24 % from the year earlier.

Business Finance

US tech sales to new record this year – 351 billion dollars

The US tech sales will make a new record this year. According to CTA, the Consumer Technology Association, the revenue will grow to 351 billion dollars. This is 3,9 % increase from year earlier.

According to the study, the growth will come from Smart Home, Smart Speakers and Virtual Reality products & services. Although the growth is strongest in the emerging technologies,  the volume sales come from the “old products” like smartphones, + 3% increase to 62,9 billion dollars or automotive electronics +5,1 % to 15,9 billion dollars.

Amazon Echo and Google Home -type smart speakers will get 3,8 billion dollars revenue, increase with 93 %. Smart Home sales will increase by 34 % to 4,5 billion dollars and virtual reality services + 18 % to 1,2 billion dollars.

Wearables, like smartwatches and health & fitness & sports products, will get 1 % increase to 6,4 billion dollars.

Print

 

Business