Uber’s business is thriving despite tumultuous 2017

By : |August 24, 2017 0

Uber may be having big holes in its current leadership team but looks like, that hasn’t affected company’s health much. Despite being mired in hundreds of lawsuits and controversies including vacant posts for CEO, CFO, CTO, and COO, Uber’s financials are still growing at a steady pace.

As first reported by Axios, the ride-hailing giant raked in $8.7 billion in gross bookings in the second quarter of 2017. That’s a 17 percent increase from the previous quarter and a 102 percent increase year over year. The company also saw a 150 percent increase in the number of global trips year over year.

Adjusted net revenue was $1.75 billion in the second quarter, up from $1.5 billion in the first quarter. Adjusted net losses also fell 9 percent to $645 million, a sign that margins are improving. But, Uber is still bleeding cash- more than half a billion dollars a quarter. In the second quarter, it lost $645 million, compared to $708 million in the first quarter.

While Uber doesn’t have to offer these numbers as a privately held company, its eagerness to share the numbers is primarily aimed at sending out a  message that its boat is still steady amidst numerous lawsuits and scandals.

The ride-hailing giant is fighting battles on multiple fronts at the moment. While there’s a desperate search on to find an able CEO, the ex-CEO Travis Kalanick has been sued by one of Uber’s biggest investors, Benchmark.

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