Uber adjusted net loss narrows by 9% in Q2 from Q1


Loaded with countless controversies for six months, investors of the transport group ultimately chose to demand its chief executive Travis Kalanick to step down from his position in June.

The company accumulated $8.7 billion in gross bookings in the second quarter of 2017, according to financial results first reported by Axios.

During the first quarter of the year, the San Francisco company lost $708 million.

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.

Legal hostilities started two weeks ago when Benchmark sued Kalanick in Delaware's Chancery Court to force him off Uber's board and rescind his ability to fill three board seats. Earlier this year, the company faced several bouts of widespread public criticism during the #deleteUber movement, when more than 200,000 users deleted their accounts on the app.

Some investors have eyed Uber's $68 billion valuation with skepticism, and recently four mutual fund investors marked down the value of their Uber shares by as much as 15 percent.

During the last seven years, Uber has raised almost $15 billion from investors.

Removing Kalanick from the board was necessary "to ensure Uber is protected from Mr. Kalanick's corrosive influence and can promptly obtain the new leadership it needs to move forward", Benchmark's court filing said, referring to Uber's search for a new CEO. However, this has not affected Uber's business. This number excludes China, where Uber previous year ceded the market to Chinese ride-hailing giant Didi Chuxing, but it includes Russia, Axios noted.

Human cloud, ride-sharing firm Uber Technologies Inc. generated $1.75 billion in adjusted net revenue in the second quarter of this year, up from $1.5 billion in the first quarter and about $800 million in the second quarter of 2016. Meanwhile, Uber's adjusted net revenue rose to $US1.75 billion in the period.

Kalanick - who had been the driving force behind Uber's massive global expansion, but whose brash style had made him a liability - still holds a large voting stake in the company.