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

Uber Losses Narrow, Revenue Climbs Despite String of Controversies

It lost $991 million in the fourth quarter of previous year.

USA vehicle hailing giant Uber reported on Wednesday that its gross bookings rose 17 per cent to US$8.7 billion in the second quarter, as the company was still under the shadow of series of scandals earlier this year, China's Xinhua news agency reported. That's a 17 percent increase from the previous quarter and an 102 percent increase year over year.

Presuming Uber's revenue reaches $8 billion this year and it loses well over $1 billion, the company faces significant competition from quarters as diverse as Lyft to traditional vehicle manufacturers. The loss figures, allowing for earnings before interest, taxes, depreciation and amortization, came in at $534 million, down from $598 million in the quarter before. The charges include negligence, injury accidents as well as a lawsuit against Uber's ban on carrying firearms and more.

The San Francisco company reported a $645 million loss for the second quarter, narrowing from $708 million in the first quarter. Earlier this year, the company faced several bouts of widespread public criticism during the #deleteUber movement, when more than 200,000 users deleted their accounts on the app.

And while Uber's board is seeking a new CEO to replace Travis Kalanick, who resigned in late June, early Uber investor Benchmark Capital is suing the co-founder for the return of three board seats it says he agreed to relinquish. And rival Lyft has posted strong growth as it fights to take market share from Uber.

Following Uber's scandal-ridden year, four mutual fund firms have made a decision to trim their investments in the company, suggesting that months of controversies were affecting its $68 billion value and that Uber really needs to solve its myriad of problems.

Since 2010, the ride-hailing company has raised over $15 billion from numerous investors.

An executive committee is steering Uber as it searches for a CEO. For instance, the company is mulling cuts to its USA car-leasing business , amid costs that were thousands of dollars higher than expected for each vehicle.

News site Axios first reported Uber's second-quarter results.

Related News:

  • Indian IT company Infosys CEO Vishal Sikka resigns

    Indian IT company Infosys CEO Vishal Sikka resigns

    Shares of INFOSYS LTD. was last trading in BSE at Rs.923.1 as compared to the previous close of Rs. 1021.15. Sikka has been appointed as the Executive Chairman of the company, until a new MD and CEO takes charge.
    British TV star Bruce Forsyth dies aged 89

    British TV star Bruce Forsyth dies aged 89

    In a post on Instagram, Tess Daly's husband and TV host Vernon Kay said it was "devastating news" that Sir Bruce had passed away. The beloved presenter was most recently on our screens on BBC's Strictly Come Dancing but stepped down due to ill health.
    Gorakhpur hospital deaths not caused by oxygen shortage: Central govt team

    Gorakhpur hospital deaths not caused by oxygen shortage: Central govt team

    The petitioners also prayed for directions so that stern punishment was meted out to those held responsible for the deaths. Harjit Singh Bhatti, who heads an association of resident doctors at the All India Institute of Medical Sciences or AIIMS.
  • Powerball jackpot reaches $700 million; winning numbers drawing Wednesday

    Powerball jackpot reaches $700 million; winning numbers drawing Wednesday

    Louisiana Lottery Spokeswoman Kim Chopin says they've had sales in the Bayou State over 20-million dollars just for this run. If nobody wins the drawing at 11 p.m., the jackpot will roll over again, said Chip Polston, Kentucky Lottery spokesman.
    BioWare Confirms No DLC For Mass Effect Andromeda

    BioWare Confirms No DLC For Mass Effect Andromeda

    You can read the full announcement from BioWare here where you can also stay up to date on future news about multiplayer updates. Have you played Mass Effect: Andromeda's single player lately? Let's just hope that Anthem will be BioWare's hail mary.
    Sharapova given wildcard for US Open

    Sharapova given wildcard for US Open

    The 30-year-old won the US Open in 2006 and last played there in 2014, but will be unseeded for this year's event in NY . The five-time Grand Slam victor will face a hard road at the Open as one of eight wild card qualifiers.
  • Sarasota: Check your Powerball tickets, you may be $1 million richer

    Sarasota: Check your Powerball tickets, you may be $1 million richer

    Jeff Lindsay and his family turned in the lone winning ticket for a $447.8 million Powerball jackpot to the California Lottery. She said she found out she had won from a colleague when they were leaving work overnight and promptly went into shock.
    Dodgers Claim Pitcher From Astros, Ship Another Off To Mets

    Dodgers Claim Pitcher From Astros, Ship Another Off To Mets

    He hit 26 home runs as a rookie in 2015 and was named to the National League All-Star team, but a massive second-half slump resulted in him hitting.210 that season.
    Uber failures led to 2014 hack exposing 100k drivers' details — FTC

    Uber failures led to 2014 hack exposing 100k drivers' details — FTC

    Uber also failed to incorporate an encryption security for personal user information. However, according to the FTC, Uber stopped using that system within a year.
  • Gionee launches X1 in India for Rs 8999

    Gionee launches X1 in India for Rs 8999

    In terms of design, the Gionee X1 sports a metal unibody design with a metal frame all around, giving it an overall premium look. Also, there are a bunch of basic sensors on the device like accelerometer, ambient light sensor, and proximity sensor.
    Virginia Governor to White Nationalists: 'Go Home'

    Virginia Governor to White Nationalists: 'Go Home'

    The Virginia city is still reeling after violence at a "Unite the Right" rally held by white nationalists, neo-Nazis and members of the "alt-right".
    Cautionary tale: Man goes partially blind after 1963 solar eclipse

    Cautionary tale: Man goes partially blind after 1963 solar eclipse

    Years later during a check-up, his doctor immediately recognized the signs and asked him if he looked at a solar eclipse. According to experts, the only time it is safe to look at the sun is when it is completely eclipsed by the moon.


Most liked

Tweet Suggests Fallout 4 VR Could Be Coming to Other Platforms
Although releasing on the PlayStation platform initially, Bethesda has said that it will bring it to other headsets in the future. First off, Doom FVR will be available for purchase starting December 1 and it will be compatible with HTC Vive and PS VR.

Samsung Bixby Personal Assistant Arrives In UK
Ahead of the launch, Samsung has already confirmed that the Note 8 will come with S8-like infinity display and S-Pen. The update - which is already available in the United States and South Korea - should already be on your phone.

Henrik Stenson closed with 64 to win at Wyndham
Injuries hindered him early in the season, but Stenson didn't quite have the same magic this summer that he displayed a year ago . Love won this event two years ago at Sedgefield to become the third oldest player to win a Tour event.

Over 200 Daesh Militants Killed in Strikes on Deir Ez-Zor: Russia
Just over a week ago Shoigu said the fall of ISIS in Deir ez-Zor might signal the end of the jihadist's self-proclaimed kingdom.

Honoring victims of attacks, Barcelona wins league opener
Prediction: As per the past performance, team strength, home, it will be Barcelona to win this game against Betis with 3-1. Inside the stadium, the club will hold a moment of silence before Sunday's La Liga opener against Real Betis .

US Pacific Command chief to visit S. Korea: Japanese newspaper
They stressed that the exercises would "further drive the situation on the Korean Peninsula into a catastrophe ". An official at Seoul's Defense Ministry said that plans for the exercises were finalized several months earlier.

Pliskova sweeps into Cincinnati semis, Nadal comes up short
In the final game, Pliskova saved four match before sending a forehand wide to surrender the break and the match after 79 minutes. A quick hold to love, capping off the game with a forehand victor was just what she needed to kick off the second set.

Deadpool Cosplayer Taylor Swift Deletes Social Media Presence
We may have an answer soon , and it seems like many of her fans won't be at ease until we do. While one fan wrote: " Taylor Swift is NOT playing anymore".

Jaguars quarterback controversy after second pre-season game
Winston had two passes dropped, including what would have been a 43-yard touchdown strike to Mike Evans in the first quarter. He has been a turnover machine , but in this game, Bortles was an accurate passer with no turnovers. "It's just simple.

Van Plows Into Crowd Of Pedestrians In Barcelona, Spain
The van sped down a pedestrianised area hitting people while others jumped into nearby retailers for protection. Police are also asking people in the area of the plaza to stay in place until they are given the OK to leave.

Diego Costa claims Chelsea team-mates still back him despite Antonio Conte's verdict
Speaking on Match of the Day , Shearer said: "The first thing he did [when he came on] was ask questions of the back four". Costa was a spectacular guy when I played with him is a fighter who always leaves everything on the pitch.

Kenya's Opposition Group to Move to Court to Challenge Presidential Election Results
Zeid Ra'ad al-Hussein said Tuesday that the government has the responsibility to ensure that security forces exercise restraint. A statement from Nasa national campaign chairman Musalia Mudavadi said negotiations had taken longer than expected.

Alleged Charlottesville attacker previously accused of beating wheelchair-bound mom
Fields was not physically present in the courtroom but appeared via a video monitor. Cooper high school in Union, Kentucky, in Fields' junior and senior years.

Benchmark explains why they're suing Uber's Travis Kalanick
Other Uber shareholders led by Shervin Pishevar of Sherpa Capital have vehemently opposed Benchmark's lawsuit . Nevertheless, he doesn't think Uber's recent board troubles will be the company's downfall.

Kenya's defeated Odinga to take poll dispute to top court
The opposition last week said going to court was not an option, but Odinga is making it clear it is an option now. The worldwide community and many within Kenya have urged Odinga to use legal means to express his grievances.