Uber's Numbers Stay Strong Despite Corporate Scandals

It’s been a bumpy ride.

By
Tech
1,224 Hypes 0 Comments

Those in urban cities will attest that ride-hailing services like Uber and Lyft are lessening the need for personal car ownership. And at least for Uber, its latest Q2 financial report shows that business is indeed going strong — despite significant hiccups regarding company culture.

In the second quarter of 2017, Uber’s gross bookings increased by 17%, the number of trips taken globally grew by 150% year-over-year (with 90% growth in developed markets and >250% in developing markets), and losses shrank by 9% quarter-over-quarter and 14% year-over-year.

These numbers may come as a surprise to witnesses of the company’s recent scandals. For most of the quarter, Uber was burdened with allegations of discreditable conduct including claims of sexual assault by drivers, “greyballing” regulators, internal company sexual harassment, pay disputes and conflict between investors and board members. The tumult reached its height when Uber’s then-CEO Travis Kalanick stepped down from his position in June of this year, following pressure for a change in leadership and a “Moving Uber Forward” proposal letter. Yet from both micro- and macro-levels, none of these corporate scandals have seemingly deterred users from hailing rides, nor has it prevented top industry leaders and investors, such as former General Electric CEO Jeff Immelt, from joining the Uber team.

Nevertheless, Uber still faces significant (although narrowing) losses, and the company is finding ways to squeeze even more funds for a greener balance sheet. According to Bloomberg, Uber increased booking fees in the US and Canada last month, ranging from $0.15 to $0.50 USD per ride, none of which goes to the drivers. But to compensate, the company is also trying to improve employee relationships by introducing tips for drivers in the US.

Financial results for July and August are yet to surface, which might tell a different story especially given the onslaught of self-driving car technology. In the meantime, share your thoughts in the comments below, and for more food for thought, reports are claiming that Uber drivers are colluding to surge prices in London and New York.

Read Full Article
Source
Axios
Photographer
Danish Siddiqui/Reuters

Join Our Discussions on Discord

The HYPEBEAST Discord Server is a community where conversations on cultural topics can be taken further.

100 Users Online

What to Read Next

Syd Announces 'Always Never Home' North America Tour
Music

Syd Announces 'Always Never Home' North America Tour

Kicking of in New York City.

A Boogie Wit Da Hoodie & Young Dolph Team up in New Song "D.A.R.E."
Music

A Boogie Wit Da Hoodie & Young Dolph Team up in New Song "D.A.R.E."

Check out the new track.

New 'Game of Thrones' Photos Give Us a Closer Look At "The Dragon and The Wolf" Finale
Entertainment

New 'Game of Thrones' Photos Give Us a Closer Look At "The Dragon and The Wolf" Finale

Only a few sleeps away.


Snoop Dogg Drops Latest Single "Dis Finna Be A Breeze"
Music

Snoop Dogg Drops Latest Single "Dis Finna Be A Breeze"

A comeback from the legendary rapper.

Comedy Central Is Airing All 254 Episodes of 'South Park' to Celebrate the Show's 21st Season
Entertainment

Comedy Central Is Airing All 254 Episodes of 'South Park' to Celebrate the Show's 21st Season

Eight days of foul-mouthed goodness.

NikeLab Unveils Its Newest Footwear Model the Gakou Flyknit
Footwear

NikeLab Unveils Its Newest Footwear Model the Gakou Flyknit

An all new sock-style shoe.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. In adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.

Help Support Us

We need ads to keep the lights on and to continue providing free news to our readers. We’d appreciate your support by whitelisting HYPEBEAST on your ad blocker. That way you can keep reading all the great stories for free.

If you have already whitelisted us, simply refresh this page. To find out how to whitelist us, click the button below.

Back

Add Us to Whitelist

We appreciate your support in allowing HYPEBEAST ads. Most ad blockers have similar whitelisting steps and settings. If you need assistance, please contact us.

Adblock Plus

  1. Click on the red ABP icon in the upper right corner of your browser.
  2. Click “Enabled on this site” to disable ad blocking for the current site. In Firefox click “disable on HYPEBEAST”.
  3. Refresh the HYPEBEAST page that you were viewing.

Adblock

  1. Click the AdBlock hand icon.
  2. Click “Don’t run on pages on this domain”.
  3. A new “Don’t run AdBlock on…” dialog may be displayed in the middle of the screen.
  4. Move the “Site” slider to the right. After that, click “Exclude”.
  5. Refresh the HYPEBEAST page that you were viewing.

uBlock

  1. Click the uBlock icon.
  2. Click the large blue “power” button in the menu that appears to whitelist the current website.
  3. Reload the HYPEBEAST page that you were viewing.

Firefox Browser

Firefox Tracking Protection may activate our whitelist notice, which can be disabled temporarily for a browsing session by clicking the shield icon in the URL bar and following the instructions.

Disconnect

  1. Click the Disconnect icon.
  2. Click “Whitelist site”.
  3. Refresh the HYPEBEAST page that you were viewing.