Uber's scandals don't seem to have had an impact on its business
Glassdoor/Uber
Gross bookings - which represent the amount customers pay for rides on Uber, not what the company actually earns on them - were up 17% in the second quarter from the first quarter, according to a new report in Axios. Meanwhile, Uber's adjusted net revenue rose to $1.75 billion in the period. That was up from $1.5 billion in the first quarter and $800 million in the year-ago period, according to the report.
Uber also saw a big jump in the number of trips riders took. Worldwide, trips were up 150% from the same period last year, according to the report. That number excludes China, which the company exited last year, merging its operation there with that of Didi Chuxing.
In developing markets, trips were up 250%. Uber has been competing with companies like Didi for a share in the global ridesharing market, and recently announced a partnership in Russia with Yandex, a locally approved ride-hailing service.
In another positive sign, Uber's adjusted net loss shrank to $645 million, a 9% decrease from the first quarter, according to the report. Still, that translated into another big hit to the company's cash hoard. Uber had $6.6 billion in cash at the end of the second quarter, down from $7.2 billion at the end of the first quarter.
The app-based taxi company has had a rough and rocky year so far. A blog post written by a former employee touched off an investigation into its workplace culture that resulted in numerous firings and Travis Kalanick's resignation from his post as Uber's CEO.
Read the full report on Axios.
- CEO says he tried to hire an AI researcher from Meta, and was told to 'come back to me when you have 10,000 H100 GPUs'
- We bought a house in Japan for $30,000. We'll have more land than we could afford in the US, and our kids will be more independent.
- Rumors Prince William is having an affair with Rose Hanbury are flooding social media again after Stephen Colbert waded into 'Katespiracy'
- Sensex, Nifty tank in early trade amid weak Asian markets, foreign fund outflows
- Long-Term vs. Short-Term Debt
- Mutual funds stress test: What it means for you
- Businesses should not be built on model, but out of passion: Peyush Bansal
- Delhi world's most polluted capital, Begusarai top polluted metro says IQAir