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.)
Source: Tech CNBC
Despite problems, Uber's financials saw an uptick this year, report says