Uber adjusted net loss narrows by 9% in Q2 from Q1

Uber adjusted net loss narrows by 9% in Q2 from Q1

Uber adjusted net loss narrows by 9% in Q2 from Q1

The company's shrinking losses are a reflection of its efforts to reduce massive spending on subsidies for drivers and customers, said the Reuters story.

Last year, San Francisco-based Uber lost about $3 billion.

As a private company, Uber is not required to publicly release its financial statements per quarter. In addition, investors have become increasingly anxious as Uber executives have not offered a timetable for when the company can be expected to start turning in profits.

The lawsuit says the firm never would have approved the request had it known certain things that it believes the CEO was hiding at the time, including details of an alleged theft of trade secrets that has led to a high-stakes legal fight with Alphabet Inc's Waymo self-driving vehicle unit.

The company announced that gross ride bookings during its second quarter ended at $8.7 billion, which was up $1.2 billion from the previous quarter.

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Uber generated $1.75 billion in adjusted net revenue in the second quarter of this year, up 17 percent from the prior quarter.

Those numbers include trips in Russian Federation, where Uber last month merged its operations with local rival Yandex. Uber narrowed losses by 9 percent to $645 million.

Since 2010, Uber has raised more than $15 billion from investors, which has allowed it to operate at a loss.

The company's cash position stands strong though it was down from the previous quarter due to continuous losses, with $6.6 billion cash at the end of second quarter, less than the $7.1 billion at the end of the first quarter.

In new court filings, Benchmark said Kalanick failed to disprove the firm's claims he committed fraud and breached his fiduciary duty before he was ousted as chief executive of the ride-hailing giant. According to an April report in The Information - published even before former CEO Uber Kalanick was asked to resign - investors were looking to buy Uber stock, and shareholders willing to sell it, at a $50 billion valuation, though it isn't clear that Uber green-lighted any of those transactions. Internet media startup Axios first reported this quarter's financials Wednesday.

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