Saturday, 18 January, 2020

Uber racks up rides, losses amid setbacks

Uber racks up rides, losses amid setbacks Uber racks up rides, losses amid setbacks
Debra Rodriguez | 25 August, 2017, 01:43

The company's adjusted net loss fell almost 14 percent to US$645 million from the same quarter past year, Uber confirmed.

Uber's many crises have emboldened the company's competitors.

The revenue gain was driven by the number of global trips taken, climbing 150 percent over the past year, with the 250 percent in emerging markets leading growth, followed by a 90 percent increase in developed markets.

The San Francisco company reported a $645 million loss for the second quarter, narrowing from $708 million in the first quarter.

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.

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.

$758.7M Powerball victor speaks out, calls jackpot 'a pipe dream'
In addition to the 25 percent federal tax that the victor will have to pay, the state will collect 5 percent of the jackpot. Reporters asked if she considered holding onto her ticket and waiting until the excitement died down to come forward.

Kalanick is asking for the dismissal of an investor lawsuit against him, calling it part of a personal attack aimed at sidelining him.

Uber, which is valued at about $68 billion, has also been with waning confidence among investors. BlackRock estimated Uber shares were worth more at the end of the period. "Mr. Kalanick's actions are chilling the search process and threatening harm to Uber (and Benchmark's investment) by keeping a Uber a 'leaderless, and therefore foundering, corporation'".

Uber posted revenue of $1.75bn in the three months to June, with losses dropping by 9% in the same period, to the still staggering figure of $645m.

Human cloud, ride-sharing firm Uber Technologies Inc. generated $1.75 billion in adjusted net revenue in the second quarter of this year, up from $1.5 billion in the first quarter and about $800 million in the second quarter of 2016. Multiple mutual funds backing Uber recently marked down the value of their stock by as much as 15 percent. For instance, the company is mulling cuts to its US car-leasing business , amid costs that were thousands of dollars higher than expected for each vehicle.

Axios earlier reported Uber's second-quarter financial results.

Recommended

  • Protesters Challenge Charlottesville City Council Over White Nationalist March

    Protesters Challenge Charlottesville City Council Over White Nationalist March

    The city then chose to shroud Confederate memorial statues in Heyer's memory and start the removal process for one of the statues. One woman said her daughter had been among those hit by the driver who plowed into a crowd of counterprotesters.
    West Nile mosquitoes found in Louisville

    West Nile mosquitoes found in Louisville

    Two cases also have been reported in Arkansas, but Arkansas State Health Department did not say where those cases were reported. Zilka said some residents have criticized mosquito spraying, however he said it is necessary to combat West Nile.
    Triple talaq: Congress vice-president Rahul Gandhi welcomes SC verdict

    Triple talaq: Congress vice-president Rahul Gandhi welcomes SC verdict

    Many Muslim husbands have used triple talaq to divorce their wives via text message, Skype and WhatsApp . If it was said once, iddat was pronounced until the woman found another husband to Wednesday .
  • Meizu Launches M6 Note as its First Snapdragon Powered Smartphone

    Meizu Launches M6 Note as its First Snapdragon Powered Smartphone

    As previously mentioned, the first time Meizu M6 Note stepped out of the shadows is when it was spotted on GeekBench. Meizu even did a low-light comparison between its mid-ranger and the Huawei P10 with its Leica dual camera.
    Chris Kennedy's brother, niece 'incited ... angry mob' at party, police say

    Chris Kennedy's brother, niece 'incited ... angry mob' at party, police say

    Two Kennedys were arrested in Cape Cod, Mass. after they refused to tone down a loud party early Sunday morning. The property does not belong to the Kennedys - although Max lives elsewhere in Hyannis Port .
    TIMELINE: Strong, severe storms expected Tuesday

    TIMELINE: Strong, severe storms expected Tuesday

    Remember, a Tornado Watch is issued when severe thunderstorms and tornadoes are possible in and near the watch area. The National Weather Service has issued a Tornado Watch for northern NY and northwest Vermont until 9 pm.
  • Abbas to meet with USA  delegation on Thursday

    Abbas to meet with USA delegation on Thursday

    Kushner and Greenblatt traveled to the Middle East previously this summer to meet with Israeli and Palestinian leaders. He texted a friend: 'I'm not going to breathe the same air as that terrorist, ' according to the report.
    Fallout 4 VR, Doom VFR, and Skyrim VR Release Dates Announced

    Fallout 4 VR, Doom VFR, and Skyrim VR Release Dates Announced

    It's fairly easy to imagine how all three will play in VR, though Doom VFR in particular should be a very intense affair. And Fallout 4 VR will round out the company's 2017 VR schedule by launching exclusively on the HTC Vive on December 12.
    List of Eligible Smartphones, Check If Your Device Getting the Update

    List of Eligible Smartphones, Check If Your Device Getting the Update

    Its spokesperson has confirmed that the recently announced BlackBerry KEYone will be getting the Android 8.0 Oreo update. Android Oreo users will need to grant permission to each app to allow it to download apps from untrusted sources.
  • Flood emergency issued for Kansas City

    Flood emergency issued for Kansas City

    Police say voluntary evacuations were in effect at Indian Creek from 103rd and Stateline to Wornall Road and 99th and Holmes. The flooding prompted several schools in the region to either cancel Tuesday's classes or delay the start of them.

    US Treasuries slump ahead of FOMC member Kaplan's speech, Jackson Hole Symposium

    Under Draghi, the European Central Bank has pumped more than 2 trillion euros ($2.35 trillion) into the global financial system. The dollar index last stood at 93.101 .dxy , having retreated from a three-week high of 94.145 set last Wednesday .
    Weather warning in place with heavy rain forecast

    Weather warning in place with heavy rain forecast

    Heavy rain is forecast across the south-west Saturday night and will gradually move up over the rest of the country. There will be a risk of low visibility in coastal and hill areas due to patches of rain, drizzle and fog.

At least 16 Americans affected by health attacks in Cuba At least 16 Americans affected by health attacks in Cuba The source also added that there are continued reports of more attacks affecting USA embassy workers in Cuba. Canada's government has said at least one Canadian diplomat in Cuba also had been treated for hearing loss.

Are national anthem protests coming to Pittsburgh next? Are national anthem protests coming to Pittsburgh next? We wanted to draw attention to the fact that there are things in the country that still need to change. The organizers of the protest say they have requested a meeting with Goodell.

Samsung shares how you can watch livestream of Galaxy Unpacked worldwide Samsung shares how you can watch livestream of Galaxy Unpacked worldwide Samsung will have to talk about quality control, changes in production and testing procedures to regain the faith of consumers. Galaxy Note 8 vs Galaxy S8 Summary: What's the difference? By October, Samsung halted production of the Note 7 entirely.

Beckham 'pretty concerned' after ankle injury Beckham 'pretty concerned' after ankle injury After traveling to Dallas for a Sunday Night Football assignment, the Giants host the Detroit Lions on Monday Night Football. Two-time All-Pro center Ryan Kalli also practiced Monday after sitting out two games with a shoulder injury and could play.

State Department warns U.S. travelers about crime in Mexico State Department warns U.S.  travelers about crime in Mexico State Department has issued a new travel warning , advising citizens about criminal activity in parts of the country. US citizens have been murdered in carjackings and highway robberies, most frequently at night and on isolated roads.

Prince Harry opens up about the moment his mother Princess Diana died Prince Harry opens up about the moment his mother Princess Diana died Prince Harry says his father was there for them, and they were glad to have been part of the day of her funeral. Prince Harry then shares that Diana once lost her patience and confronted the photographers.

Samsung Galaxy Note 8 teaser videos release ahead of official launch Samsung Galaxy Note 8 teaser videos release ahead of official launch He said it was about moving on from the Note 7 - but more importantly giving super loyal Note users the best phone on the market. The phone has been rumored to have a large infinity display with a dual rear camera set up and 4 color variants.

Powerball Jackpot soars to $700 million Powerball Jackpot soars to $700 million Allow contributions only from those who are at least 21 years old, the legal minimum age to purchase lottery tickets in Iowa. Levi Kuznicki, a cashier at a Mobil station in Coeur d'Alene, described the lottery craze in recent days as "insane".

Microsoft Offers Huge Xbox One X $200 Discount to Fans Microsoft Offers Huge Xbox One X $200 Discount to Fans Microsoft has launched a special edition of the Xbox One S Minecraft Edition Bundle for avid Minecraft players and collectors. Keep in mind this is purely speculative and of the imagination of the author, though not completely out of the question.

Watch John Cena Tear Up From the Ultimate Surprise By His Fans Watch John Cena Tear Up From the Ultimate Surprise By His Fans Finally, Cena was shown a video of Tyler Schweer, a young boy whose mother suffered from breast cancer. Cena may not have remembered it, but he had given Tyler one of his wristbands at a WWE event.

Bankers observe strike, services affected Bankers observe strike, services affected A few of the employees had also gathered in front of the Regional Office of Canara Bank in Nazarbad and staged protest. However, private sector banks like ICICI Bank , HDFC Bank , Axis Bank and Kotak Mahindra Bank , remained open today.

Korea warns USA of "merciless revenge" for drill with S. Korea Korea warns USA  of Pyongyang tested two intercontinental ballistic missiles last month that appeared to bring much of the U.S. within range. Experts warned Pyongyang could still go ahead with the missile launches .

Majority disapproves of Trump's Charlottesville response Majority disapproves of Trump's Charlottesville response The poll surveyed adults across the country from August 16 to 20 through calls to their cell phones or land lines. While the approval numbers are low, they are similar to what they were before Charlottesville.

Gionee launches X1 with Android Nougat, priced at Rs 8999 Gionee launches X1 with Android Nougat, priced at Rs 8999 In terms of design, the Gionee X1 sports a metal unibody design with a metal frame all around, giving it an overall premium look. Promotional offers that come with the phone include 10 GB additional data per month for Airtel subscribers for 6 recharges.

BJP sweeps Mira-Bhayander civic polls, Sena suffers big jolt BJP sweeps Mira-Bhayander civic polls, Sena suffers big jolt As per the latest trend, the Congress has won only on six seats while the Shiv Sena candidates were successful in five wards. Shelar also mocked former BJP ally in the municipal corporation, Shiv Sena, without mentioning the name of the party.