clock menu more-arrow no yes mobile

Filed under:

Uber is curbing its losses and growing its business while it searches for a new CEO

The company raked in $8.7 billion in bookings and lost $645 million in the second quarter of 2017.

An Uber sign in the window of a black car on a New York City street Spencer Platt / Getty

Uber’s business continues to grow as it licks its wounds from a tumultuous beginning to 2017. As Uber searches for a new CEO, the company provided a look into its financial performance indicating it saw a substantial increase in its gross bookings in the second quarter of the year.

Uber raked in $8.7 billion in gross bookings, according to the company. That’s a 17 percent increase from the previous quarter and an 102 percent increase year over year. The company also saw a 150 percent increase in the number of global trips year over year.

But the ride-hail company, valued at approximately $68 billion, is still losing more than half a billion dollars a quarter. In the second quarter, it lost $645 million, compared to $708 million in the first quarter.

Uber, facing myriad lawsuits, also has $6.6 billion on hand and says it has an adjusted net revenue of $1.75 billion up from $1.5 billion in the first quarter.

Axios first reported the numbers.

The privately held company released the numbers on the heels of four mutual funds writing down their investments by as much as 15 percent, as the Wall Street Journal reported. Vanguard Group, Principal and Hartford Funds marked down their investment from $48.77 to $41.46. Fidelity, however, has maintained its valuation of the company’s stock.

Uber is in the midst of searching for a replacement for its ousted CEO, Travis Kalanick. But that process has not been without its troubles. Kalanick, for his part, had been telling people he planned to return to the company and is now in embroiled in a messy legal dispute with one of Uber’s biggest investors, Benchmark.

Fortunately, the company’s board is expected to vote on a new CEO within two weeks; former General Electric chairman Jeff Immelt has become the front-runner.

In the meantime, Uber has promoted some of the top executives running the company in the interim to vice president. That includes Rachel Holt, Andrew Mac and Pierre-Dimitri Gore-Coty who are former regional heads of the U.S. and Canada; Asia Pacific and Latin America; and the EMEA respectively. The new title simply formalizes the roles these young executives took on when Kalanick resigned.

This article originally appeared on