comscore Uber's Q2 numbers are good despite increasing organizational chaos: Report
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Uber's Q2 numbers are good despite increasing organizational chaos: Report

Uber recorded increased gross bookings, driver tips, and reduced quarterly losses.

travis-kalanick-uber

It is no secret that Uber’s going through some organizational mess: Lawsuits, employee exodus, allegations of harassment and sexism, investor pressure, founder’s exit and more. Top corporations like SoftBank are vying for a stake in Uber; there are illustrious executives being interviewed for the top job at Uber; there are competitors making the most of troubles at Uber. But, all the recent brouhaha over one of the most-valued startups in the world, has failed to make any monetary dent. Uber is hale and hearty when it comes to revenues, and customer growth. Also Read - Ola to offer free oxygen concentrators to the needy

Also Read - Ola India set to launch first electric scooter in 2021

An exclusive report on its financials reveals that Uber grossed $8.7 billion in gross bookings in Q2, 2017 that is up 17 percent over a year. Global trips recorded a 150 percent yearly growth. Losses too declined by nine percent to $645 million, as Uber gathers momentum in emerging markets like India. It is evident that Uber customers either don’t care about its organizational chaos or they cannot survive without Uber’s utility service, or both. Uber is presently valued at $69 billion, and was reportedly in talks with four investors to raise $12 billion. If the deal goes through, Uber’s valuation is likely to go upward of $71 billion. ALSO READ: SoftBank keen to invest in either Uber or Lyft before entering America: Reports Also Read - Uber cab service resumed in 31 cities in India with new Lockdown 4.0 guidelines

Uber reportedly had $6.6 billion in cash at the end of the quarter. Its drivers have earned $50 million in tips ever since the program began. Uber introduced the initiative in June, when it added an in-app tip feature to improve the driver experience. Lyft, Uber’s biggest rival in the US, has had this feature for five years and its drivers have made $250 million in tips since then. This essentially means that Uber has a huge opportunity to grow in that department. Customers are willing to tip good drivers who offer them a hassle-free ride experience. ALSO READ: Ex-General Electric chief Jeffery Immelt emerges as the top choice for Uber CEO

While healthy financials do not mean that all’s well at Uber, it surely is a shot in the arm for the company in times of severe crisis triggered by the unceremonious exit of its founder-CEO Travis Kalanick. He’s now being seen as the enfant terrible of Silicon Valley and a representative of all that’s wrong in the haloed tech world. Kalanick has been sued by one of Uber’s key investors Benchmark Capital for fraud and breach of contract. The intense boardroom battle has even threatened to erode Uber’s valuation. A new CEO is supposed to come on board by October, and if Uber manages to raise the $12 billion in funds, it will give some of its stakeholders a meaningful exit.

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  • Published Date: August 24, 2017 2:42 PM IST
  • Updated Date: August 24, 2017 7:15 PM IST



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