Business

Uber losses shrink as ride numbers grow

An Uber vehicle is viewed in Manhattan on July 20, 2015 in New York City Image copyright Getty Images

Uber is still losing money, but the ride-hailing firm appears to have stemmed the flow of cash to some degree.

The company lost about $645m in the second quarter of the year, down 14% from the same period in 2016, according to figures given to the website Axios.

Revenue reached $1.75bn in the second quarter - more than double the figure for the same period last year.

Uber also said drivers earned about $50m in tips since June.

The number of trips in the quarter soared 150% year-on-year, with the fastest growth coming in developing markets.

The privately owned company has recently started to reveal some of its financial information. However, the figures released on Wednesday were adjusted - a process that typically allows investors to compare quarters more easily, but do not necessarily reflect the bottom line.

Jan Dawson, chief analyst at Jackdaw Research, said Uber's reporting was selective: "There's clearly growth in the numbers reported by Uber, but they should be taken with a big pinch of salt."

Uber has been under a microscope after a series of scandals that led to the departure of Travis Kalanick as chief executive.

Four US companies have recently reduced the value of their investments in Uber, according to the Wall Street Journal.

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