NEW YORK (AP) - 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 totaled $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.