Uber losses widen as incentives to lure drivers hit revenues

Ride-hailing and food delivery giant Uber Technologies reported widening losses for the second quarter, even as riders returned to its platform in bigger numbers.

Uber Technologies Inc on Wednesday reported widening losses even as trips and deliveries grew as driver incentives hit revenue at the ride-hail and food-delivery company. Uber posted an adjusted $509m second-quarter loss before interest, taxes, depreciation and amortisation – a metric that excludes one-time costs, including stock-based compensation – widening losses by nearly $150m from the first quarter. Uber shares fell 6 percent in after-hours trading after closing the day down 2.2 percent.