Despite its recent scandals, Uber keeps on growing
But profitability still seems a long way offBy Rob Thubron
Few companies have faced so many scandals in such a short amount of time as Uber. A turbulent six months culminated in co-founder Travis Kalanick stepping down as CEO in June. But for all the problems it has faced, the company is still growing - though it continues to hemorrhage money.
Uber brought in $8.7 billion in gross bookings during the second quarter, marking a 17 percent increase over Q1 2017 and a 102 percent year-over-year jump. Global trips were also up, by 150 percent YoY (excluding China).
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.
Despite the increases, Uber is still losing money. Adjusted net losses for the second quarter stood at $645 million, and while that's an eye-watering amount of money, the company can take solace in the fact that the figure is falling - down 9 percent compared to the first quarter's loss of $708 million, and 35 percent less than the $991 million loss from Q4 2016.
According to Axios, falling cash reserves have left Uber with $6.6 billion in the bank, down from the previous quarter's $7.2 billion.
In the time since Uber finally decided to add a tipping option to its app in select markets - part of the company's 180 days of change initiative - drivers have earned around $50 million dollars in gratuities. That's about the same as what Lyft drivers earned over a slightly longer period and across its entire market.
Being a private company, Uber isn't required to disclose financial information to the public, but it usually does so to show its continued improvement and in preparation for a future IPO. However, the company is now thought to be worth less than the $68 billion valuation it had previously been assigned.