Economy

Uber is still a growing business despite its leadership strife

Uber is still a growing business despite its leadership strife

The financial information of Uber came after the Silicon Valley unicorn being through a well-publicised internal investigation into sexual harassment and other unsavoury aspects of company culture, which led to the forced resignation of Chief Executive Officer Travis Kalanick in June.

Earnings figures first reported on news Web site Axios and confirmed by reporters showed that adjusted net revenue at Uber was US$1.75 billion in the second quarter, more than doubling from about US$800 million in the same period previous year.

Earnings figures first reported at news website Axios and confirmed by AFP 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.

Adjusted net revenue, which reflects Uber's cut of ride fares, rose to $1.75 billion from $1.5 billion in the first quarter, Uber said.

Due to it being a private business, Uber does not have to publicly disclose any finances, but it began that practice earlier this year eyeing its initial public offering it wants to take place in the short term.

Benchmark filed its suit earlier this month, alleging that Kalanick in 2016 misled Uber into approving three new seats on the company's board of directors and granting him appointment powers.

Several Uber investors have told us that the current consensus is Uber is now worth less than its last privately assigned valuation - a reflection, perhaps, of what brokers on the secondary market are seeing. Uber is now in need of a CEO, COO, CFO, CMO and SVP of engineering.

Meanwhile, Uber has found a way to keep its business healthy.

At the end of the second quarter, Uber had $6.6 billion cash on hand. This is nine percent less than the $708 million loss in the first quarter of the year.

Uber Technologies Inc's financial engine appeared to be purring in the second quarter of the year, despite its image being dented so badly that its chief was pressured to resign.

Presuming Uber's revenue reaches $8 billion this year and it loses well over $1 billion, the company faces significant competition from quarters as diverse as Lyft to traditional vehicle manufacturers.


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