Tuesday, 07 July, 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.

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.

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.

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