Uber bookings surge but losses remain

Uber bookings surge but losses remain

Uber's total bookings in the second quarter of 2017 hit $8.7bn (£6.8bn) - double what they were a year earlier for the taxi-booking app.

The figure was also up 17% on the previous quarter. But despite the big growth in revenue, company's losses remained high: at $645m, they were down 9% on the previous quarter and down 14% year-on-year.

The number of trips taken in the quarter was up 150% on a year ago, while in developing markets – excluding China, which Uber pulled out of last year – they rose 250%.

The fact that the number of trips made is growing more quickly than the total value of bookings means that the cost of the average trip has fallen in the last year.

The figures, which do not have to be publicly disclosed since Uber is a private company, were reported by Axios.

Uber’s former chief executive Travis Kalanick resigned in June after the previous months had been dominated by scandals and negative coverage of the company’s corporate culture.

The brand launched its first UK TV ad, created by Bartle Bogle Hegarty London, the same month.

Start Your Free 30-Day Free Trial

Get the very latest news and insight from Campaign with unrestricted access to campaignlive.com , plus get exclusive discounts to Campaign events.

Become a subscriber


Don’t miss your daily fix of breaking news, latest work, advice and commentary.

register free