Uber sees 150% growth in global trips despite on-going drama
Uber may not have a CEO right now but the company’s growth seems to be unaffected by it.
The past six months have been tough on Uber. The ride-sharing startup was caught in allegations of workplace harassment, several lawsuits ensued and, as a result, its CEO and founder Travis Kalanick resigned. Right now Uber does not have a CEO and lacks pivotal members of its top leadership. But the release of its financials in the second quarter of 2017 reveals that the company is doing just fine.
Axios first reported that Q2 of 2017 has been good for Uber in terms of business growth. The company’s gross bookings increased by 17% to reach $8.7 billion, which has doubled from a year before. People are using Uber more than before as the company saw a 150% increase in its global trips. In developed markets, Uber saw a growth of 90%. And despite the fact that Didi-Chuxing and Careem joined forces to form an anti-Uber empire, Uber’s growth in developing countries touched 250% in Q2.
Moreover, Uber’s adjusted net revenue increased from $1.5 billion in Q1 to $1.75 in Q2 and its adjusted net losses fell by quarter-over-quarter to $645 million and over 14% year-over-year. However, Uber has $6.6 billion in cash at the end of Q2 which was a fall from $7.2 billion it had in Q1.
The current figures do exceed expectations because everyone assumed the workplace scandal had landed Uber in the dumps. The real question, however, is will Uber be able to maintain these figures when the Q3 figures are released? Because note that Uber had a CEO and other top management for the most part of Q2.
But for now, with a $68 billion valuation and financials that hint a positive growth, Uber is telling the world that it is doing just fine.