Uber's financials have been revealed: Losses narrow, revenue and bookings rise despite scandals

 
Lynsey Barber
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Documents suggest the drama has had less impact on Uber than many suspected (Source: Getty)

It looks like a troubling year for Uber has failed to dent demand for rides, with new figures shedding light on its finances.

Losses narrowed, while revenue and bookings were on the up in the second quarter of the year, according to financial information shared with investors.

The startup's adjusted net loss was reduced by nine per cent on the previous quarter to $645m and by 14 per cent on the same quarter a year earlier.

Read more: Seven major changes Uber just made to improve life for drivers

Adjusted net revenues, which doesn't take into account the amount of cash paid to drivers, grew to $1.75bn, a quarterly rise of 16 per cent and more than doubling year-on-year, as gross bookings grew 17 per cent to $8.7bn.

It takes into account Uber's wind down in China after merging with Didi Chuxing, where it had been losing a billion a year. Uber also agreed a similar deal in Russia with rival Yandex last month.

The figures, first reported by Axios, suggest a string of scandals which have dented its reputation and caused inner turmoil at the top level of the business have not had such a negative impact as many would have thought.

Read more: Uber battle shifts up a gear as shareholders bite back against Benchmark

It comes after several mutual funds were revealed to have cut their Uber valuations.

Uber's board is said to be closing in on a decision over who should become the next chief executive, replacing founder Travis Kalanick who departed earlier this year. He is embroiled in a lawsuit with one of its investors, Benchmark Capital, over the control of board seats.

Jeff Immelt, the former long-standing chief of GE, has been tipped for the top job.

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