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Against expectations of many analysts, American multinational transportation network, Uber on Thursday reported a very disappointing second-quarter loss. Following the announcement, the stock went down as much as 12%, or $5.33, in after-hours trading.

Below are some figures reported.

Revenue: $3.17 billion

Earnings per share (GAAP): -$4.72 versus -$3.23

Net loss: $5.24 billion

Gross bookings: $15.76 billion (up 37% year over year)

$3.9 billion of the losses is from stock-based compensation to employees related to the company’s initial public offering in May – a typical expense for companies who go public.

Perhaps, investors won’t be surprised because Uber had warned in regulatory filings that this huge expense would occur.

Uber spent $920 million in cash during the second quarter, which is $767 million increase compared to the same quarter in 2018

“‘We’re very confident that this company, at maturity, can be cash-flow positive,” CEO Dara Khosrowshahi said on a conference call with analysts.

Uber, which laid off 400 marketing employees last month, reported $1 billion loss in the first quarter of 2019.