SAN FRANCISCO, CA- Uber (NYSE: UBER) lost over $5 billion last quarter, its largest loss to date. The stock was down roughly 11% in after-hours trading as investors in the company absorbed the unsatisfactory earnings report.
Not all was pessimistic in the report, however. The company also collected a total of $255.63 from passengers that left loose change in vehicles at the end of their Uber rides. This amount was larger than the Wall Street expected, and grew over 200% from the same quarter in the year prior.
“At first, we were concerned to see a significantly larger than expected net loss this quarter,” said Frank de Bellis, a portfolio manager for technology-focused ETFs at BlackRock.
“However, we were pleased to see revenues from loose change growing to three figures, which certainly offset an otherwise disappointing quarter for Uber,” he continued.
Uber CEO Dara Khosrowshahi leaned heavily on the significant growth in loose change revenues in an attempt to distract investors from the billions of dollars lost in just a few months of operations.
“I want to reiterate that the five billion dollar net loss is a one-time occurrence. In another part of the business, I am excited to report that our revenues from loose change continue to grow tremendously,” he said in the recent quarterly earnings call as Uber’s stock bounced off of its lows.
“Our world-class engineering team continues to develop more efficient ways to collect loose change from passengers, including a portable vacuum that all of our driving partners can install in the doors of their vehicle,” he continued.
Uber is also rumored to be developing technologies that will enable the company to collect not only physical change, but also syphon loose change directly from your savings or checking account.