Uber Reports Q2 Losses of $404 Million

Uber reports their EBITDA adjusted losses for Q2 at $404 million, which is a 32% increase from the $304 million in losses in Q1. Uber isn’t legally required to disclose their financial results, but they have the last few quarters as they prepare to go public next year.

 

While it sounds like it has been a rough year for Uber, they have seen a year-over-year increase in net revenue of 51%, up to $2.7 billion. Uber has seen gross bookings of $12 billion, which is a 6% increase quarter-over-quarter increase and a 41% percent year-over-year increase.

 

Uber has recently heavily invested in Eats, India, the Middle East, bike, and scooters. Uber expanded Eats into new cities in Europe, the Middle East, and Africa. Uber also acquired the food delivery startup that makes its own food, Ando.

 

“We had another great quarter, continuing to grow at an impressive rate for a business of our scale,” Uber CEO Dara Khosrowshahi said in a statement. “Going forward, we’re deliberately investing in the future of our platform: big bets like Uber Eats; congestion and environmentally friendly modes of transport like Express Pool, e-bikes and scooters; emerging businesses like Freight; and high-potential markets in the Middle East and India where we are cementing our leadership position.”

 

However, even though Uber has made significant strides in some areas, not everything is going well for Uber. Uber is still pursuing a self-driving car and has spent between $125 million to $200 million a quarter over the last 18 months. According to reports, some of Uber’s investors no longer want Uber to continue working on the program. Uber has not commented on the subject.

 

Uber is still on track to rack in more than $10 billion in revenue this year.

 

Photo credit: Flickr under CC

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Lindsey Conger
Associate News Writer: Lindsey is a writer originally from Chicago but can now be found somewhere in Europe. She is driven by a passion to explore every corner of the world, spread her marketing and business knowledge, and to be able to speak Spanish fluently. Follow her on Instagram at @lindseyaconger

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Associate News Writer: Lindsey is a writer originally from Chicago but can now be found somewhere in Europe. She is driven by a passion to explore every corner of the world, spread her marketing and business knowledge, and to be able to speak Spanish fluently. Follow her on Instagram at @lindseyaconger

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