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Uber posts $509 million adjusted loss on driver incentives even as trips rise

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Reuters

By Tina Bellon and Akanksha Rana (Reuters) -Uber Technologies Inc on Wednesday reported widening losses as it spent more to entice drivers to return to its platform, sending shares of the ride-hail and food delivery company down in after-hours trade. Investors sold the shares despite Uber management’s assurances that the company can deliver a sharp turnaround in profitability even as New York and other major cities reimpose some pandemic restrictions. Uber posted an adjusted $509 million second-quarter loss before interest, taxes, depreciation and amortization – a metric that excludes one-time…

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