So much for Uber (UBER) being the hottest trade of the year.
Since IPO, the stock has crumbled from a high of $47 to less than $29 in months. Today, the stock is down another $2 on news of a sizable loss. However, CEO Dara Khosrowshahi does see a light at the end of the tunnel, even as the stock drives well off the road.
The company just reported a third quarter loss of $1.16 billion, or 68 cents a share, as compared to a $986 million loss year over year. Revenue did improve 30% to $3.81 billion from $2.94 billion year over year. Analysts were looking for a loss of 70 cents on revenue of $3.63 billion.
For the year, Uber has now lost $7 billion.
Still, despite all of the bad news, Uber’s CEO says the company will be EBITDA profitable in 2021, as it “improves global scale and efficiency” through technology, automation and “more effective execution,” as quoted by MarketWatch.
NIO Inc. (NIO)
NIO is up nearly 14% on the day after reporting that October 2019 deliveries were up 25% month over month. The company said it delivered 2,526 vehicles in October from 2,019 in September, despite a national holiday at the start of October.
Shake Shack (SHAK)
SHAK isn’t having a good day at all, falling 18%, or $15.24 after the company missed sales expectations. Revenue of $157.8 million was in line with expectations. However, same-store sales were only up 2% just why of 2.5% estimates. Going forward, Shake Shack noted that total revenue is now expected to come in between $592 million to $597 million, compared to the previous outlook of $585 million to $590 million, as noted by CNBC.