Uber continues to grow, as bookings increase, despite ongoing turmoil

UberAs Uber continues in its attempt to repair 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.

Much of the quarter was spent dealing with investigations into claims of sexual harassment and discrimination, as well as several other legal and less-than-ideal situations. The quarter also ended with the resignation of then-CEO Travis Kalanick.

Despite all of this, in the past year, the number of trips taken with Uber has risen 150 per cent, according to numbers obtained by Axios. This includes a 90 per cent growth in developed markets and a 250 per cent growth in developing markets.

The surprisingly positive quarter also saw an increase in adjusted net revenue and a decrease in adjusted net loss. The ride sharing company made $1.75bn in revenues in Q2, up from $1.5n in Q1 and around $800m in year-on-year (YoY). Meanwhile, Uber’s net loss fell almost nine per cent from Q1 2017 to Q2 2017 to $645m, and over 14 per cent YoY.

At the end of the second quarter, Uber had $6.6bn in cash, down from around $7.2bn at the end of the first quarter of the year.

The San Francisco-based company also reported that Uber drivers have made around $50m in tips since it began rolling out the program in June.

It is important to note that Uber still had a CEO for the large majority of the second quarter, and since it has seen infighting regarding Kalanick’s role during the company’s difficult, in relation to controversies, opening six months of the year. So, it will be interesting to see how these continuing seemingly never-ending problems play out for Uber’s Q3 performance and beyond.

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