8-23-17 7:17 PM EDT | Email Article

By Greg Bensinger

Gross bookings double year-over-year, but still a $645 million loss

Uber Technologies Inc.'s scandal-plagued year apparently hasn't deterred ridership, though the ride-hailing company is still reporting heavy financial losses.

The San Francisco company reported a $645 million loss for the second quarter, narrowing from $708 million in the first quarter. Revenue, not including a one-time outlay for drivers in New York City it had mistakenly underpaid, rose 17% to $1.75 billion in the period compared with the first quarter. Privately held Uber didn't provide year-earlier figures for those metrics.

Read:Meg Whitman on Uber CEO rumors: No, nope, nuh-uh, no way (http://www.marketwatch.com/story/meg-whitman-on-uber-ceo-rumors-no-nope-nuh-uh-no-way-2017-08-23)

Also see:Uber gets knocked down a peg by top mutual funds (http://www.marketwatch.com/story/uber-gets-knocked-down-a-peg-by-top-mutual-funds-2017-08-22)

Uber doubled its gross bookings to $8.7 billion in the second quarter, which includes rides and food and freight deliveries, compared with the same period a year earlier. Uber said Wednesday the gain was 17% higher than in this year's first quarter. Global trips rose 150% from the same period last year, Uber said, without providing the underlying numbers.

The company had $6.6 billion in cash on hand, down from about $7.2 billion as of the end of March. Uber could bolster its cash pile if it moves forward with a proposed investment from SoftBank Group Corp. (9984.TO) of at least $1 billion, people familiar with the matter have said.

An expanded version of this report appears on WSJ.com (https://www.wsj.com/articles/uber-racks-up-rides-losses-amid-setbacks-1503528489?mod=mktw).

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-Greg Bensinger ; 415-439-6400; AskNewswires@dowjones.com

 

(END) Dow Jones Newswires

08-23-17 1917ET

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