Uber Trips, Revenue Rise but Company Fails to Turn Profit

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Uber this week revealed some insight into its latest quarterly financials.

The private company is not obligated to disclose figures but offered some select data to Axios, which included gross bookings of $8.7 billion, up 17 per cent over the prior quarter and nearly double year-over-year.

For a company supposedly valued at upward of $70 billion, the numbers were not necessarily impressive. Uber’s adjusted net revenue was less than $1.8 billion, though it had doubled since the same quarter last year. But the ride hailing giant still can’t turn a profit: adjusted net loss was $645 million.

Still, there’s no doubt Uber is growing. Global trips jumped 150 per cent year-over-year, and that figure is even higher (250 per cent) in developing markets. Plus, the company boasts a cash pile of more than $6 billion in case anything goes wrong—although that pile has shrank notably since the start of the year.

Recently Uber has been appealing to its fleet of drivers, adding tipping and other perks for their armada of gig economy contractors.

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