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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.
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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.
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