Finance

Uber reports 2nd-quarter loss of $645 mln; ride bookings grow

Uber reports 2nd-quarter loss of $645 mln; ride bookings grow

It has been a rocky year for Uber, with co-founder Travis Kalanick resigning from his CEO role in June after a group of investors led by venture capital firm Benchmark demanded his resignation.

Uber Technologies Inc. was able to keep its core business running steady despite being surrounded by a series of scandals, as the ride-hailing company reported strong financial results and smaller loss than previous period for the second quarter.

According to the data provided by a media company, Uber's adjusted net revenue for second quarter rose to $1.75 billion, adding 17 percent to its first quarter revenue of $1.5 billion.

Due to it being a private business, Uber does not have to publicly disclose any finances, but it began that practice earlier this year eyeing its initial public offering it wants to take place in the short term.

Some investors are skeptical of the current $68 billion valuation given Uber, and recently four investors of mutual funds marked down the shares of Uber they hold by up to 15%.

Since his departure, Kalanick has attempted to retain three board seats he controls, all while Benchmark sues him for fraud. "Benchmark's shameful tactics and unfounded claims punish Uber, its employees and its investors at a critical time when the company most needs stability and leadership", the spokesman said.

If a new CEO jacks up fares to decrease unprofitability, there is a fear that Uber's competitiveness will suffer.

Figures published by news website Axios (which the BBC has confirmed are accurate) show the ride-sharing company's revenues are increasing, its losses are narrowing, and global bookings are up 150% on this time a year ago.

Uber also said drivers earned about $50m in tips since June. Uber doesn't include the cost of stock-based compensation in its losses. In the fourth quarter of 2016, the company's net loss was recorded at $708 million.

Figures published by news website Axios have today shown that Uber's revenues are increasing, while its losses are reducing.

Uber said it had over $6.6 billion in banks, which is down from its $7.2 billion during its 2017 first quarter.

The positive results come amid a largely turbulent year for Uber.


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