Uber’s bookings are up, but it’s still a long road to profitability for the ride-hailing startup.
The company on Wednesday reported a net loss of $645 million in the second quarter, down from $708 million in the first quarter, according to numbers provided by the company to Axios. Uber isn’t yet a public company, so it isn’t required to publicly disclose its finances. But it started the practice earlier this year, suggesting it may be looking to take the IPO plunge in the near future.
Global trips booked through the app increased 150 percent over the previous year, while gross bookings reached $8.7 billion, from $7.5 billion in the first quarter. The San Francisco-based company reported an adjusted net revenue of $1.75 billion, up from $1.5 billion in the first quarter.
Uber’s cash position remains strong. The company said it had $6.6 billion in the bank at the end of the quarter, down from $7.1 billion at the end of the first quarter.
The $68 billion startup has experienced a rough ride over the last few months, as a slew of scandals led to the toppling of the company’s upper management, including CEO Travis Kalanick, who resigned in June. The company has also been rocked by sexual harassment allegations, leading to the firing of more than 20 employees.
Uber didn’t immediately respond to a request for comment.
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