Uber cuts its losses, and revenue soars 63%

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How Uber destroyed the NYC cab market

Uber’s monetary image improved within the second quarter: Its income jumped and its losses narrowed.

In keeping with a duplicate of Uber’s newest outcomes, considered by CNNMoney, Uber’s quarterly income was $2.eight billion, up 63% over final yr. The corporate misplaced $891 million, down from $1.1 billion a yr in the past.

Gross bookings from clients elevated 41% to about $12 billion.

In Might, the corporate reported a uncommon revenue in the course of the first quarter, as a result of it had given up two of its operations overseas to opponents.

Uber recurrently releases its monetary outcomes, although as a non-public firm it is not required to take action.

“We had one other nice quarter, persevering with to develop at a formidable price for a enterprise of our scale,” Uber CEO Dara Khosrowshahi mentioned in an announcement. “Going ahead, we’re intentionally investing in the way forward for our platform.”

Khosrowshahi took over as CEO final yr amid turmoil on the firm. Uber has invested in areas past vehicles, comparable to bike sharing and scooters. Different investments embrace meals supply and what Khosrowshahi calls “high-potential” markets within the Center East and India.

The corporate has mentioned it’s contemplating an preliminary public providing in 2019.

However Uber continues to face challenges, comparable to regulatory hurdles. Final week, New York turned the primary American metropolis to restrict the variety of ride-sharing autos and to require firms like Uber and Lyft to pay drivers a minimal price.

Its self-driving automobile efforts have additionally confronted setbacks. Earlier this yr, an autonomous Uber SUV struck and killed a pedestrian in Tempe, Arizona.

— CNNMoney’s Seth Fiegerman contributed reporting.

CNNMoney (New York) First revealed August 15, 2018: 6:50 PM ET

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