Uber shares close down 6.8% a day after company reports massive $5.2 billion quarterly loss and CEO says profits will come 'eventually'

Key Points
  • Shares of Uber closed down 6.8% on Friday.
  • Uber reported disappointing earnings on Thursday evening, missing estimates on the top and bottom lines.
  • Uber says it doesn't expect losses to subside until 2020 or 2021.
Uber CEO: The $5.2B loss from IPO was a 'once-in-a-lifetime' hit

Shares of Uber closed down 6.8% Friday evening, a day after the ride-hailing giant reported disappointing second-quarter earnings, including a massive $5.2 billion loss in the three-month period.

Uber missed expectations on the top and bottom lines, reporting a loss per share of $4.72 versus an expected loss of $3.12 per share. It reported revenue of $3.17 billion versus $3.36 billion expected by Wall Street. The company said the $5.2 billion loss during the quarter was largely due to stock-based compensation.

CEO Dara Khosrowshahi said in an interview with CNBC's Deirdre Bosa that there's "no doubt in my mind that the business will eventually be a break even and profitable business." He also said he expects losses to subside in 2020 and 2021.

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He added that he doesn't think the Uber Eats food-delivery service will be profitable during the same time period, however, as it tries to chase growth.

In an interview with CNBC's David Faber and Jim Cramer on Friday, Khosrowshahi said the company's staggering $5.2 billion loss a "once-in-a-lifetime" hit as he tries to steer it toward profitability. He added that Uber is targeting 30% revenue growth in the back-half of the year.

— CNBC's Lora Kolodny and Annie Palmer contributed to this report.

Uber short on revenue and gross bookings, stock falls after hours