Uber Somehow Reduced its Quarterly Losses

Uber saw its bookings double in the second quarter to $8.7bn according to Uber's latest results published by US website Axios

The financial information of Uber came after the Silicon Valley unicorn being through a well-publicised internal investigation into sexual harassment and other unsavoury aspects of company culture, which led to the forced resignation of Chief Executive Officer Travis Kalanick in June.

Uber Technologies reported lower loss by almost 9 per cent in the second quarter of this year as ride bookings jumped.

The San Francisco-based company said it lost $645 million in the second quarter, 9 percent less than the $708 million loss in the first quarter and 35 percent less than the $991 million loss in the fourth quarter of past year.

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 had $US6.6 billion in cash at the end of the second quarter, down from $US7.2 billion at the end of the first quarter.

Uber's business continues to grow as it licks its wounds from a tumultuous beginning to 2017.

The Benchmark lawsuit filed in a DE court accused Kalanick of fraud, breach of contract and of plotting to manipulate the board of directors to allow him to return as CEO following his resignation in June.

Mexico: Trump Warning to Cancel NAFTA is Only a Strategy
During the presidential campaign, he promised Americans to pull the country out of " useless and unprofitable " trade pacts. Although many Americans have benefited from NAFTA , Lighthizer said that the agreement has "failed. countless Americans".

Few companies have faced so many scandals in such a short amount of time as Uber.

Uber, which is valued at about $68 billion, has also been with waning confidence among investors.

Despite the continued losses, Uber has been able to continue operating through the $15 billion raised from investors.

An executive committee is steering Uber as it searches for a CEO.

Uber also said drivers earned about $50m in tips since June. Additionally, Uber faces challenges in some markets where local ordinances and legal decisions block it from doing business. The company had $6.6 billion on hand at the end of the quarter, down from $7.1 billion at the end of the first quarter. According to media reports, the ride-sharing firm's revenue in the second quarter was only $1.75 billion. This is nine percent less than the $708 million loss in the first quarter of the year. Its head of finance, Gautam Gupta, left Uber this year for the startup OpenDoor.

Related:

Comments

Latest news

Samsung Heir Lee Jae-yong Jailed for Five Years for Corruption
Lee, who was arrested in February, is the vice chairman of Samsung Electronics , the world's largest smartphone maker. The five-year sentence is one of the longest prison terms given to a business leader in South Korean history.

Arrest warrant issued for former Thai Prime Minister Yingluck Shinawatra
Their Puea Thai party has - under various different names - won every election in Thailand since 2001. The judge says the court did not believe the explanation and would issue a warrant for her arrest.

Hong Kong transport resumes after typhoon, Macau struggles to recover
Hato was downgraded to a tropical depression yesterday afternoon as it travelled further into China. More than 120 people were injured as the city was lashed by hurricane winds and pounding rain.

Deadly Attack Hits Kabul Mosque
A fierce gun-battle between security forces and attackers lasted for five hours and the area has been cordoned off by the police. Security forces exchanged fire with the assailants and sound of an explosion was heard almost two hours after the attack began.

Iran vows legal measures against Apple over apps bans
Apple is not officially in Iran or any other Persian Gulf countries, and iPhones are not supposed to be for sale in the country. NYT writes that due to the US sanctions, Apple doesn't operate any official business in Iran or have an Iranian App Store.

Odell Beckham Jr. could miss NY Giants' season opener
Saying he's only to miss a game or two would undersell the severity and allow the Giants to force opponents to game plan for him. They ran plays, had receivers catch passes and began preparations for Saturday night's game against the New York Jets .

Amazon unveils Prime discounts, Lockers at Whole Foods
The company also said certain Whole Foods products will be available through Amazon .com, AmazonFresh, Prime Pantry and Prime Now. Kroger's stock was down 8.3 percent and Sprouts Farmers Market went down 6.6 percent.

Apple reportedly planning $999 price for new iPhone
Recently, we have spotted the same phone in a video where it showcases Touch ID feature at the back panel. With an off-contract price starting at $929.99, the Galaxy Note 8 is not a cheap piece of hardware.

Chalobah gets England reward for leaving Chelsea; Cahill called up as usual
Gareth Southgate on calling up former Hull and Sheffield United defender Harry Maguire . He's a defender who is comfortable with the ball'.

Samsung reveals Galaxy Note8 with 'infinity display', Bixby, 4 colors
This time around it comes with a finer tip, improved pressure sensitivity, and can even be used to take screen-off memos. The camera app offers a "Dual Capture" mode that stitches together photos from both cameras and saves them individually.

Florida to execute man convicted in race-motivated murder
Asay and about 128 other inmates who were sentenced to death on non-unanimous jury verdicts before that date remain on Death Row. It will be followed by a paralytic and then a form of a heart-stopping drug that has been used in an execution only by mistake.

Navy dismisses 7th Fleet commander
The victim was identified as Electronics Technician 3rd Class Kenneth Aaron Smith, 22, who is from New Jersey. The Navy said they discovered human remains in the search for the missing sailors early Monday morning.

North Korea stokes WW3 fears by 'attacking Guam' in chilling propaganda video
A photograph showed Kim in a grey pinstriped suit, smiling before a large flow chart that described some kind of manufacturing process.

Psyonix Reveals Exclusive Battle-Cars for Switch Version of Rocket League
Each auto will also have a special trail design, with the Mario Bros. cars using Starmen while the Metroid cars trail a Wave Beam. The new NSR vehicle is styled after the Mario Bros. and features a different color and logo depending on which team you are on.

DOJ Drops IP Log Request for Anti-Trump Protest Site
While the DoJ request was legitimately linked to finding troublemakers, it was widely believed that its request was excessive. Dreamhost has agreed that it will comply with any order, under court seal, so it can not be leaked any further.

Other news