Uber reported it’s biggest quarterly loss of $5.2 billion in the three months ending in June.This is the company’s largest quarterly loss ever.
The taxi service has been the target of online trolls and business rivals who took to social media creating memes just to rub the loss in.The memes read’Will Uber Ever Be Profitable.’
Uber’s CEO came to the company’s defense saying “I’ve certainly heard that meme, along with others.Uber’s ride-hailing service, along with its meal delivery service, each have the potential to be a profitable long-term.”
The mounting losses come as Uber continues to invest in freight shipping, meal deliveries and offering discounts for its core ride-hailing business to attract new customers and compete with companies like Lyft.
In the days leading up to the announcement it announced it was laying off 400 people from its marketing unit as they restructure the department.