Mexican Media Brands
Uber Narrows Its Quarterly Losses
Uber Technologies Inc. trimmed its second-quarter losses to $891 million from $1.1 billion in the same period in 2017.
#economics
Share
Uber Technologies Inc. trimmed its second-quarter losses to $891 million from $1.1 billion in the same period in 2017.
The giant ride-hailing service reports its revenue surged 63% to $2.8 billion in April-June. Gross bookings, which reflect the cost of trips rather than Uber’s 23% commission on the fares, jumped 41% to $12 billion.
Still, the company’s second-quarter loss is more than 60% greater than the $500 million in red ink it reported in this year’s first quarter. Uber attributes the increase to investments in new services such as on-demand food delivery.
CEO Dara Khosrowshahi, who replaced CEO-founder Travis Kalanick last August, is trying to trim Uber’s operating expenses ahead of an initial public offering in the second half of 2019. The company currently is valued at about $70 billion.
RELATED CONTENT
-
Inside Ford
On this edition of “Autoline After Hours” Joann Muller, Detroit bureau chief for Forbes, provides insights into what she’s learned about Ford, insights that are amplified on the show by our other panelists, Stephanie Brinley, principal analyst at IHS Markit who specializes in the auto industry, and Todd Lassa, Detroit Bureau Chief for Automobile.
-
Report Forecasts Huge Economic Upside for Self-Driving EVs
Widespread adoption of autonomous electric vehicles could provide $800 billion in annual social and economic benefits in the U.S. by 2050, according to a new report.
-
On Urban Transport, the Jeep Grand Wagoneer, Lamborghini and more
Why electric pods may be the future of urban transport, the amazing Jeep Grand Wagoneer, Lamborghini is a green pioneer, LMC on capacity utilization, an aluminum study gives the nod to. . .aluminum, and why McLaren is working with TUMI.