Uber earning increases despite bumpy road

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Uber’s financial engine appeared to be purring despite its image being dented so badly its chief was pressured to resign. Earnings figures first reported at news website Axios and confirmation showed that adjusted net revenue at Uber was $1.75 billion in the second quarter, more than doubling from about $800 million in the same period in 2016.
Gross bookings at the leading smartphone-summoned ride service doubled to $8.7 billion in the recently ended second quarter as the number of trips climbed 150 percent from a year earlier. The San Francisco-based company’s adjusted net loss fell nearly 14 percent to $645 million from the same quarter last year, Uber confirmed.
Meanwhile, Uber drivers have earned $50 million in tips since a gratuity option was added to the ride-sharing application in June. Uber has been working to improve its relationships with drivers and riders after being hit with controversies that led to the resignation of founder and chief executive Travis Kalanick.
The company is still searching for a new chief as rumors swirl that Kalanick is orchestrating a return behind the scenes.
Four mutual funds this week marked down their stakes in Uber by as much as 15 percent in a sign that months of scandal were taking a toll on the private company’s value of some $68 billion, according to a report in the Wall Street Journal.
Kalanick is asking for the dismissal of an investor lawsuit against him, calling it part of a personal attack aimed at sidelining him.
Kalanick’s departure capped a rocky period for the global ridesharing giant, which has been roiled by disturbing reports of a cutthroat workplace culture, harassment, discrimination and questionable business tactics to thwart rivals.

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