Uber lost more than $5 billion in three months

Even by Uber’s standards, the company burned through a staggering amount of money in its most recent quarter.

Uber said Thursday that it lost $5.2 billion in the three months ending in June, fueled mostly by $3.9 billion in stock-based compensation expenses related to its public offering during the quarter.

Without those charges, however, the company still lost about $1.3 billion during the quarter, a roughly 50% spike from the year prior. 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.

Even as it invests aggressively, Uber’s revenue growth continues to slow. The company posted revenue of $3.1 billion during the quarter, a 14% increase from the year prior — hardly the rocket ship growth that investors typically expect from newly public technology firms.

Uber’s core ride-haiing business is all but flat. Revenue in this sector ticked up just 2% from the same quarter a year ago. Uber Eats, its meal delivery service, continues to be a bright spot, with revenue growing 72% from the prior year. But it accounts for only a modest percentage of Uber’s overall business.

Shares of Uber fell by as much as 12% in after hours trading Thursday following the disappointing earnings report. Uber’s stock had rallied earlier on Thursday, ending the day up more than 8%, after rival Lyft updated its forecast for the year to indicate faster revenue growth and narrower than expected losses.

Both Uber and Lyft remain below their respective IPO prices.