Uber Technologies Inc. (UBER) shares plunged 4.69% in after-hours on Wednesday, August 04, 2021, and closed the daily trading at $39.85. In the regular trading session on Wednesday, UBER’s stock lost 2.29%. The stock volume remained 39.28 million shares, which was higher than the average daily volume of 19.63 million shares within the past 50 days. The company shares have risen 27.94% over the last 12 months, and they have moved down 9.38% in the past week. Over the past three months, the stock has lost 18.31%, while over the past six months, it has declined 26.80%.
Recent financial results announcement
On August 04, 2021, Uber Technologies, Inc. reported its financial results for the quarter ended June 30, 2021.
UBER Stock Q2 2021 financial highlights
- The total revenue was $3.93 billion in Q2 2021 compared to $1.91 billion in Q 2020.
- Gross Bookings were $21.9 billion in Q2 2021 compared to $10.23 billion in Q2 2020.
- Total cost and expenses were $5.12 billion compared to $3.52 billion in Q2 2020.
- It reported a net income (loss) of $1.1 billion in Q2 2021 compared to a $1.78 billion loss in Q2 2020.
- Adjusted EBITDA was $509 million for the reported quarter compared to $837 million in Q2 2020.
- As of June 30, 2021, the company had unrestricted cash, cash equivalents and short-term investments of $5.0 billion.
Uber stock U.S office staff require vaccination
Uber Technologies Inc rescheduled its U.S office employees return-to office date from September to Oct. 25 and further warned that it be further delayed depending on the global coronavirus cases.
Staffers who do come voluntarily will be required to wear a mask, regardless of their vaccination status, starting immediately. Uber also made it mandatory for all employees in the office to be vaccinated against Covid-19 starting Monday, August 2.
SoftBank sold 45 million shares
SoftBank Group Corp. which is the largest investor in Uber sold $2.1 billion of its stake in Uber Technologies Inc. in a block trade through Goldman Sachs.
SoftBank, Uber’s largest investor, is trimming its stake in the ride-hailing giant from 184 million shares as of March 31 and now its stake in the biggest ride-sharing company is down to less than 100 million shares.
Acquisition of Transplace
On July 22, 2021, Uber Freight and Transplace entered into a definitive agreement to acquire Transplace for approximately $2.25 billion, consisting of up to $750 million in the common stock of Uber Freight’s parent company. Uber Freight will acquire Transplace from TPG Capital, the private equity platform of alternative asset firm TPG.
Conclusion
Uber stock slid down on Wednesday, after its Q2 2021 results which are not what investors were expecting. It can further see a decline in the coming days due to poor financial results.