Uber Q2 earnings: Loss narrows, bookings soar

Earnings


Uber trimmed its losses 14 percent in the second quarter from a year ago, as the ride-hailing giant grew bookings, trips and revenue.

The company posted a net loss of $645 million on revenue of $1.75 billion. Revenue this time last year was $800 million.

Global trips popped 150 percent from a year ago, while gross bookings hit $8.7 billion, up 17 percent sequentially and double the bookings in the year-ago period.

Uber’s cash position remains strong. The company had $6.6 billion on hand at the end of the quarter, down from $7.1 billion at the end of the first quarter.

The $70 billion start-up has careened over the course of the year, as a workplace culture investigation and infighting among investors have dominated headlines. The privately held company is without a CEO, chief financial officer, president and chief operating officer, as board members and major investors fight over the company’s next move.

Competition across the globe to keep both drivers and customers happy has created steep expenses for Uber. For instance, the company is mulling cuts to its U.S. car-leasing business, amid costs that were thousands of dollars higher than expected for each vehicle.

The figures include Uber’s Russian business. Uber agreed to merge with local player Yandex in July.

The data was released by Uber on Wednesday.



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