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Uber second-quarter loss shrinks to $645 mn as ride bookings grow

Some investors have eyed Uber's $68 billion valuation with scepticism

Reuters  |  San Francisco 

Uber Technologies Inc reported on Wednesday that its losses narrowed in the second quarter by 9 percent and ride bookings rose, but the company is still a long way from being profitable. Uber said its net loss was $645 million, down from $708 million in the first quarter and $991 million in the fourth quarter of last year. The steady shrinking of losses signals Uber's efforts to reign in massive spending to subsidise rates for both drivers and customers and other competitive tactics as it battles rivals in tough markets like South Asia. Last year, San Francisco-based Uber ...

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First Published: Thu, August 24 2017. 04:39 IST