Uber Posts Loss, Bookings Increase

Then-General Electric CEO Jeffrey Immelt speaks at the annual IHS CERAWeek global energy conference in Houston

"We seek to make Uber a just workplace and there can be absolutely no place for this kind of behaviour at Uber - and anyone who behaves this way or thinks this is OK will be fired." said former CEO Travis Kalanick.

As Uber continues in its attempt to fix its image following a string of scandals, the company has seen a 17 per cent increase in gross bookings in the second quarter to $8.7bn (£6.8bn) - double that of a year earlier. As a private company, Uber is not required to publicly report its financial results, but earlier this year it began offering a glimpse of its performance by disclosing certain numbers. While Uber still lost $645 million, that represents a 14 percent decrease over the $708 million lost in the first quarter. In addition to Kalanick, Uber's VPs of maps and business, engineering, and product and growth, as well as its artificial intelligence labs head, director of advanced technologies engineering, and a critical member of Uber's effort to develop self-driving technologies have all left in 2017.

Uber's many crises have emboldened the company's competitors.

Uber has raised $15 billion.


Removing Kalanick from the board was necessary "to ensure Uber is protected from Mr. Kalanick's corrosive influence and can promptly obtain the new leadership it needs to move forward", Benchmark's court filing said, referring to Uber's search for a new CEO. 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.

The embattled ride-hailing startup narrowed its losses by almost 9% in the second quarter, while bookings, trips and revenue continued to climb year-over-year, according to Axios.

The figures include Uber's Russian business. Currently, the company has $6.6 billion in the bank, down from roughly $7.2 billion in the first quarter. It includes Russian Federation, where Uber's recently-announced partnership with Yandex has yet to be approved by local regulators, Axios reported.

Revenue came in at $1.75 billion, up from $1.5 billion in the first quarter and about $800 million during the same period one year ago.

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