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%.

Like this



24 August 2017
Chiksan Tool Co Q4 2016 Institutional Investor Sentiment Better Than Expected
It turned negative, as 30 investors sold LUK shares while 150 reduced holdings. 21 funds opened positions while 53 raised stakes. Equities research analysts expect that Dow Chemical Company will post $4.08 earnings per share for the current fiscal year.

24 August 2017
Android users' privacy put at risk by Igexin ad network
Igexin-enabled apps range from weather apps to photo editors, educational content, health and fitness apps, and more. Discovering these malicious qualities "required deep analysis of the apps' and ad SDK's behavior", they wrote.

24 August 2017
Downgrades Rating On Cree, Inc. (CREE) To "Underweight"
Mngmt Professionals Inc has 0% invested in Cree, Inc . 11,312,318 shares of the company's stock were exchanged. Ranger Investment Management L.P. holds 1.41% of its portfolio in Inter Parfums, Inc. for 605,405 shares.

24 August 2017
Florida to Execute White Man for Racially Motivated Murder
Supreme Court, which could ultimately make it more hard for the condemned killer to have a review by the high court. A jury found Asay guilty of two counts of first-degree murder, and recommended the death penalty with a 9-3 vote.

24 August 2017
Last Straw: Navy Fires 7th Fleet Commander
Just two months ago, another ship from the 7th fleet , the USS Fitzgerald , collided with a merchant ship off the coast of Japan. He also said Malaysians assisting in the search had found a body, but it had not been determined if it was a McCain crew member.

24 August 2017
Howard University taps Comey as guest lecturer
He served as both the United States Attorney for the Southern District of NY and the Deputy Attorney General of the United States. That statement followed others he made that accused the president of defamation and smearing.

24 August 2017
'Straight Outta Compton' Star Charged w/ Assault at Restaurant
We reached out to Marcos, who would only tell us he got jumped that night in the parking lot but would not elaborate. The incident went down at the Carrabba's Italian Grill in Green Brook at around 7:30 pm.

24 August 2017
Signet Jewelers Limited (SIG) Stake Cut by Pictet Asset Management Ltd.
Zacks Investment Research raised Signet Jewelers Limited from a sell rating to a hold rating in a report on Tuesday, August 1st. The stock of Signet Jewelers Ltd. (NYSE:SIG) earned "Outperform" rating by Telsey Advisory Group on Friday, August 26.

24 August 2017
Chiefs Legend Neil Smith Rescues Pregnant Woman from Flood
Former Chiefs all-time great defensive end Neil Smith can add "hero" to his long list of accomplishments. The former Chiefs star put on a hard rush to help a woman in her minivan caught in rising water.

24 August 2017
Rajiv Bansal to be Air India CMD for 3 months
Bansal's appointment comes at a critical time when the government is working out the modalities for the disinvestment of the Air India.