Uber Technologies reported lower loss by almost 9 per cent in the second quarter of this year as ride bookings jumped. Globally, in all of its markets, trips are up 150% on this time a year ago.
Uber generated $1.75 billion in adjusted net revenue in the second quarter of this year, up 17 percent from the prior quarter. Adjusted net loss narrowed by 9% from the first quarter to $645 million; for all of 2016, Uber lost about $3 billion.
Since his departure, Kalanick has attempted to retain three board seats he controls, all while Benchmark sues him for fraud. Earlier this year, the company faced several bouts of widespread public criticism during the #deleteUber movement, when more than 200,000 users deleted their accounts on the app.
Following Uber's scandal-ridden year, four mutual fund firms have made a decision to trim their investments in the company, suggesting that months of controversies were affecting its $68 billion value and that Uber really needs to solve its myriad of problems.
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.
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It also restricts the bond negotiation that the Venezuelan State has, as well as the payment of dividends for them. Several prominent opposition mayors have also been removed or ordered arrested by the pro-government supreme court.
If a new CEO jacks up fares to decrease unprofitability, there is a fear that Uber's competitiveness will suffer.
Meanwhile, Uber drivers have earned $50 million in tips since a gratuity option was added to the ride-sharing application in June.
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.
Figures published by news website Axios have today shown that Uber's revenues are increasing, while its losses are reducing. Additionally, Uber faces challenges in some markets where local ordinances and legal decisions block it from doing business. Its head of finance, Gautam Gupta, left Uber this year for the startup OpenDoor.