The company’s reported revenue of $3.1 billion for the quarter, down 18% compared to the same period last year and falling just short of analyst estimates compiled by Refinitiv. The company’s Rides revenue declined 53% and its Eats revenue grew 125% compared to one year ago.
Uber’s stock was hovering around even in after-hours trading.
In a statement accompanying its earnings release, Uber’s chief financial officer Nelson Chai said the company remains confident in its ability to achieve profitability on an adjusted basis before the end of next year.
The company’s stock rose nearly 15% Wednesday on news that the Proposition 22, or “Prop 22,” had passed. The passage of Prop 22 gave investors reason to be optimistic about how Uber could fare when faced with other driver classification challenges in the future.