Uber CEO Embraces Losing Money With Revenue Growth Slowing
- Sales increased 63 percent from a year ago to $2.8 billion
- Company spent aggressively on food delivery, autonomous cars
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Like his predecessor, Uber Technologies Inc. Chief Executive Officer Dara Khosrowshahi is putting growth above profit. But gains are proving harder to come by since the ride-hailing service has reached a global scale.
Nearly a year into Khosrowshahi’s tenure, Uber reported on Wednesday a second-quarter loss of $891 million. While it’s a 16 percent improvement from a year earlier, the loss follows a rare profit posted in the first quarter, thanks largely to the sale of overseas assets.