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Bookings up, losses down, report says


Uber head of global operations Ryan Graves (R) eats with fourth grader Frederick Dozier during Cooking Matters, a nutrition class taught by 18 Reasons, a local partner of Share our Strength at Glen Park Elementary School in San Francisco, California, December 10, 2014.

Beck Diefenbach | Reuters

Uber head of global operations Ryan Graves (R) eats with fourth grader Frederick Dozier during Cooking Matters, a nutrition class taught by 18 Reasons, a local partner of Share our Strength at Glen Park Elementary School in San Francisco, California, December 10, 2014.

Despite a recent HR crisis and looming trial with Alphabet, Uber’s business improved so far this year, according to a report Bloomberg.

The preview of Uber’s second-quarter results, shared on a conference call with investors, indicate that Uber is collecting more money in fares and is narrowing losses, people familiar the matter told Bloomberg.

  • Q2 bookings grew more than 10 percent from last quarter, compared to 9 percent growth in Q1
  • Q1 loss ( before interest, taxes and stock-based compensation): $708 million, down from $991 million in the prior quarter

But profitability remains elusive, Bloomberg reported, as Uber spends heavily on autonomous driving research, expansion in Asia and swelling headcount. And Uber has plenty of other issues to focus on, including intellectual property battle over its self-driving cars, an uneasy relationship with drivers, and a dearth of executive leadership.

Waymo has accused a former Uber engineer of using a stolen trade secret in Uber’s self-driving car designs. But while no formal arrangement has been made, Uber’s lawyers noted that the company is in court-mandated settlement discussions with Waymo. The case is similar to other cases that have settled out of court, according to Bloomberg’s sources.

(Waymo told CNBC it still believes it has “strong evidence to put in front of a jury” in the case.)

Ryan Graves, Uber’s first employee and former CEO, did not reveal much about the search for the company’s new CEO, but did focus on the company’s 180-day plan to appease drivers, Bloomberg said.

For more on the story, see the full report at Bloomberg.com.

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