Intelligent transport services firm Uber Technologies failed to reassure investors about the prospects for growth or profit in the near future, after it announced Thursday that it suffered a $ 5.24 billion loss in the quarter. Second, the highest loss rate the company has ever experienced.
Much of Uber´s losses were due to compensation from the initial public offering in May, Bloomberg reported, traditional expenses incurred by the company when it first went public.
Economic analysts have expressed concern about the company´s disappointing sales growth, with Bloomberg posting a 12% increase in the second quarter from the same period last year, the lowest in the history of the San Francisco-based company, Bloomberg said. .
In the second quarter, Uber Technologies posted a revised revenue of $ 2.87 billion, while economists had expected the company to generate $ 3.05 billion.
The agency quoted Dara Khosroushahi, the company´s chief executive, as saying last week that "Uber Technologies" has a problem sagging structure, noting that the company will lay off 400 employees in the marketing sector.
Financial data released by Uber Technologies yesterday showed the company had achieved tax deductions of up to $ 6.1 billion, which would help it lower its tax bill for years to come.
The company obtained these huge deductions before the IPO in May by relocating some of its international subsidiaries to other countries, as a result of new EU rules aimed at reducing tax evasion by multinationals.
Bloomberg noted that Uber´s tax deductions of $ 6.1 billion came from an increase in the value of intellectual property rights transferred by the company among its overseas branches, according to the company´s first official quarterly report.
According to the rules, when the value of taxable assets transferred to these branches increases, the company´s tax deductions will increase as a result of using these assets.
