Uber loses $5.24B in 2Q after post-IPO stock payouts

The Uber logo is displayed on a car on March 22, 2019 in San Francisco, California. (Photo by Justin Sullivan/Getty Images) 

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.