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Ride-hailing shares, PPI data — What to know in markets Friday

Heidi Chung
·Reporter

Investors will be eyeing the ride-hailing stocks on Friday.

Uber shares tanked in the after-hours session Thursday after reporting adjusted sales that were worse than what analysts were expecting and $5.24 billion net loss in the second quarter. Uber’s report comes on the heels of Lyft’s much better-than-expected results. Gross bookings in the second quarter also fell short of expectations at $15.76 billion. Analysts expected $15.83 billion in gross bookings. Uber posted an adjusted EBITDA loss of $656 million, which was a 25% decline from last quarter.

“Our platform strategy continues to deliver strong results, with Trips up 35% and Gross Bookings up 37% in constant currency, compared to the second quarter of last year,” CEO Dara Khosrowshahi said in a statement. “In July, the Uber platform reached over 100 million Monthly Active Platform Consumers for the first time, as we become a more and more integral part of everyday life in cities around the world.”

On a call with media, Khosrowshahi also pointed to the growing competition in the food delivery space.

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Meanwhile on the economic data front, the Producer Price Index reading for July will also be a focal point for investors on Friday. PPI data is often looked to as a gauge of U.S. producer prices. Core producer prices are expected to have risen 0.2% from June and 2.4% from last year, according to economists surveyed by Bloomberg.

“Like other inflation measures, growth in the producer price index has slowed this year,” Wells Fargo wrote in a note Aug. 1. “If PPI inflation were to slow further, it would likely reinforce markets’ views that this week’s rate cut by the Fed will not be a one-and-done move. Our forecast is for one more rate cut this year, and for inflation to eventually pick up around the end of the year.”

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Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung.

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