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Uber is still a growing business despite its leadership strife

Uber is still a growing business despite its leadership strife


Bookings are up, losses are down, but they’re probably charging you more money

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Amelia Krales

Amid the arguments between investors and board members, and the continued search for a new CEO, Uber executives are eagerly sharing that its business continues to grow.

Uber officials said Wednesday that gross bookings were up 17 percent in the second quarter of 2017 over the first, while losses shrank 14 percent to $645 million on revenue of $1.75 billion. The company reported $6.6 billion cash on hand, down from $7.1 billion at the last reporting period.

This financial report comes after a rocky month for Uber, following a suit from a major investor accusing former CEO Travis Kalanick of fraud and meddling in the search for a new top executive, while it’s still without a number of other leaders.

Uber also quietly raised booking fees that go to the company, not drivers

According to Bloomberg, the company bumped up booking fees in the United States and Canada, ranging from 15 cents to 50 cents per ride depending on location. That fee accounts for about $1.50 to $3 on each ride, according to Bloomberg. (Drivers do not receive this; it goes straight to Uber.)

It’s a sign that Uber is still looking for avenues to raise funds and improve its balance sheet as investors grow weary of the turmoil within the company.

There’s still a cloud of uncertainty at Uber, but continuing to tighten its belt when it comes to finances may give off the impression that the leadership drama isn’t enough to stall it altogether.