Economy

Uber reports losses of $645 mln in second quarter, ride bookings grow

Uber reports losses of $645 mln in second quarter, ride bookings grow”

Uber does not include the cost of stock compensation in its losses.

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. The world's most valuable startup reported adjusted net losses of $645 million - a drop of nearly 9 percent from the quarter before, and 14 percent year-over-year. Even though losses shrunk 14% year-over-year, it's still a sizable amount standing in the way of its path to profitability.

The company said its gross ride bookings for the second quarter reached $8.7 billion, up from $7.5 billion in the first quarter.

Uber generated $1.75 billion in adjusted net revenue in the second quarter, up 17 percent from the prior quarter. Chinese ride-hailing company Didi Chuxing raised $5 billion this year, while Lyft has attempted to seize on Uber's many stumbles, donating $1 million to the American Civil Liberties Union after Uber was criticized for its ties to the Trump administration, for instance.

But the ride-hail company, valued at approximately $68 billion, is still losing more than half a billion dollars a quarter. Uber agreed to merge with local player Yandex in July. Its head of finance, Gautam Gupta, left Uber this year for the startup OpenDoor. Earlier this year, the company faced several bouts of widespread public criticism during the #deleteUber movement, when more than 200,000 users deleted their accounts on the app.

Uber has been under a microscope after a series of scandals that led to the departure of Travis Kalanick as chief executive.

An executive committee is steering Uber as it searches for a CEO. Late Tuesday, it was discovered that four mutual funds had slashed their stakes in the company by as much as 15%.



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