Uber's net loss declines as ride bookings grow

Posted August 27, 2017

As Uber searches for a new CEO, the company provided a look into its financial performance indicating it saw a substantial increase in its gross bookings in the second quarter of the year.

Despite all of this, in the past year, the number of trips taken with Uber has risen 150 per cent, according to numbers obtained by Axios.

Adjusted net revenue, which represents Uber's cut of drivers' ride fares, rose to $1.75 billion, up from the previous quarter's $1.5 billion. Uber narrowed losses by 9 percent to $645 million. The results show that Uber continued to make progress on narrowing its losses while growing its business, even as the company responded to a relentless cascade of scandals.

Since his departure, Kalanick has attempted to retain three board seats he controls, all while Benchmark sues him for fraud.

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%. "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".

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As of early August, only around 13% of Android devices were running Nougat, the operating system's latest iteration. The timeline for the update, however, hasn't been provided yet but we can expect it to arrive in the next quarter.

During the last seven years, Uber has raised almost $15 billion from investors.

Uber also said drivers earned about $50m in tips since June. It includes Russian Federation, where Uber's recently-announced partnership with Yandex has yet to be approved by local regulators, Axios reported.

The embattled ride-hailing startup narrowed its losses by almost 9% in the second quarter, while bookings, trips and revenue continued to climb year-over-year, according to Axios.

Meanwhile, Uber has found a way to keep its business healthy. This is nine percent less than the $708 million loss in the first quarter of the year.

The company's cash position stands strong though it was down from the previous quarter due to continuous losses, with $6.6 billion cash at the end of second quarter, less than the $7.1 billion at the end of the first quarter. The original disruptor will continue to impact people in their everyday lives, and businesses in terms of organisational transformation for many years to come.