Aug 23, 2017

Uber losses shrink as ride numbers grow

Uber is still losing money, but the ride-hailing firm appears to have stemmed the flow of cash to some degree. Revenue reached $1.75bn in the second quarter - more than double the figure for the same period last year. Uber also said drivers earned about $50m in tips since June. The figures shared on Thursday were adjusted - a process that typically allows investor to compare quarters more easily, but does not necessarily reflect the bottom line. Uber has been under a microscope, after a series of scandals that led to the departure of Travis Kalanick as chief executive.

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