Uber Narrows Loss to $645 Million, Boosts Revenue in Turmoil

Even as Uber’s investors mounted a revolt against the then-CEO over a string of self-inflicted scandals, the ride-hailing company’s financial performance continued to improve in the second quarter of the year, according to Bloomberg.

Uber generated $1.75 billion in adjusted net revenue in the second quarter of this year, up 17 percent from the prior quarter. The company narrowed losses by 9 percent to $645 million. The results show that Uber continued to make progress on narrowing losses while growing its business, even as the company responded to a relentless cascade of scandals.

Uber’s many crises have emboldened the company’s competitors. China’s 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.

An executive committee is steering Uber as it searches for a CEO. The group has been taking steps to fend off rivals and rehabilitate the company’s image. It bent to mounting pressure from drivers in June by adding the option for customers to tip within the app. Uber said it has paid out more than $50 million in gratuity since then.

Among Uber’s biggest costs: India, Southeast Asia, discounts for passengers and bonuses for drivers, insurance payments, employee salaries and self-driving car research. Uber doesn’t include the cost of stock-based compensation in its losses.

At the end of the second quarter, Uber had $6.6 billion cash on hand. The company’s gross bookings, the total money taken in fares, reached $8.7 billion, an increase of 17 percent from the prior quarter.