Global ride-sharing platform, Uber, saw their shares fall further after announcing profit figures that were lower than expected.
Uber’s losses increased to £4.3bn in the three months leading up to 30 June, from £728m in the quarter last year. The figures reflected £3.2bn of share-based compensation expenses related to its stock market listing earlier this year.
Total revenue at the firm rose 14.4% to £2.65bn, but fell short of estimates of around £2.8bn. Uber’s costs rose 147% to £7.2bn in the quarter, though this has been a trend among its competitors, such as Lyft.
Following the announcement, Uber saw their shares on Wall Street fall more than 13%.