Uber drama fails to hurt its business, figures suggest

Amelia Krales

After Travis Kalanick was forced out of his position of Uber CEO, former General Electric boss Jeff Immelt is now rumoured to be front-runner for the position.

The company accumulated $8.7 billion in gross bookings in the second quarter of 2017, according to financial results first reported by Axios. As a private company, Uber is not required to publicly report its financial results, but earlier this year it began offering a glimpse of its performance by disclosing certain numbers. Globally, trips jumped 150 per cent over the previous year, with strongest growth coming from developing markets.

During the first quarter of the year, the San Francisco company lost $708 million.

Benchmark filed its suit earlier this month, alleging that Kalanick in 2016 misled Uber into approving three new seats on the company's board of directors and granting him appointment powers.

Several mutual funds, including BlackRock and T. Rowe Price, cut the value of their Uber shares by 15% recently, according to The Wall Street Journal.

Uber's endless stream of scandals doesn't appear to have made much of a dent in its bottom line. not that the company is breaking out the champagne just yet.

If a new CEO jacks up fares to decrease unprofitability, there is a fear that Uber's competitiveness will suffer. It bent to mounting pressure from drivers in June by adding the option for customers to tip within the app. Uber said it has paid out more than $50 million in gratuity since then. While Uber is estimated to be worth around $70 billion in all, making it the world's most valuable unlisted company, these downgrades imply that figure is on the decline. Adjusted net losses also fell 9 percent to $645 million, a sign that margins are improving.

According to Uber, its adjusted net loss fell nearly nine per cent quarter-over-quarter to US$645 million and over 14 per cent year-over-year. Meanwhile, Uber's adjusted net revenue rose to $US1.75 billion in the period. The original disruptor will continue to impact people in their everyday lives, and businesses in terms of organisational transformation for many years to come.



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