Uber’s Quarter revenues doubled. In an attempt to allay concerns among investors, Uber, the ride-sharing company, announced that its business operations are going well. Revenue reached $1.75 billion and the number of trips jumped by 150% over the parallel quarter. Uber’s gross bookings were up 17% in the second quarter.
The company’s current crisis forced it to present information about its financial performance in an attempt to allay investors’ fears and prove that despite a public campaign against it and the lack of a CEO, its business activity is still underway As well.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at firstname.lastname@example.org.
According to the data, in the second quarter the company’s revenues increased by 119% compared to the corresponding quarter in 2016, reaching $ 1.75 billion. In the past quarter, Auber posted a significant loss of $ 645 million (adjusted loss), but it was down 14 percent from last year.
The volume of orders made at Over doubled to $ 8.7 billion. The number of trips during the second quarter grew by 150% compared with the parallel quarter, when the growth led to particularly strong growth of 250% in emerging markets such as India and Russia. Although Ober actually announced a withdrawal from the Russian market due to large losses, by joining the local competitor Yandex, the local regulator has yet to approve the deal, and therefore the company continues to operate in the country as usual.
Despite the continuing losses, Uber still has an impressive cash flow of $ 6.6 billion, compared with $ 7.2 billion in the first quarter of the year. The company also first reported information on the driver’s tips program, which it launched on June 20: From the start of the program until the beginning of this week, the company’s drivers earned $50 million in tips.
The crises with which Uber is coping have not yet passed. The search for a new CEO is being extended, and the company seems to have trouble finding a suitable candidate, its public image is still at a low ebb and demand from Waymo the automaker of Alphabets, is still threatening to curb the development of its autonomous vehicle. Has suffered a blow: activity and revenues are expanding, and losses, though still significant, are on a moderate downward trend.