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
-
Fuel Economy Gains in July
What you’re looking at here is a sales-weighted fuel economy chart (the numbers in the white boxes represent miles per gallon) that was put together by two diligent researchers, Michael Sivak and Brandon Schoettle, of the University of Michigan Transportation Research Institute.
-
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.
-
Enterprise Edges into Self-Driving Car Market
U.S. rental car giant Enterprise Holdings Inc. is the latest company to venture into the world of self-driving vehicles.