By Tyler Durden
With Uber once again in the media spotlight, following yesterday’s WSJ report that several mutual funds have – for the first time ever – cut their valuation of the world’s most valuable private company by up to 15%, and today’s lengthy Reuters expose questioning just what the company’s true value is, moments ago Uber’s Q2 financials were leaked courtesy of Axios, which reports the following summary: gross bookings up 17% in Q2, number of trips taken up 150% in the past year while the company’s adjusted loss fell modestly while EBITDA improved fractionally.
Still, despite a modest improvement in operations, the company still burned $600 million in Q2, reducing its cash from $7.2Bn to $6.6Bn.
Some more details, via Axios:
Gross bookings rose 17% in the second quarter to $8.7 billion (and doubled from a year earlier).
Adjusted net revenue was $1.75 billion in Q2 vs $1.5 billion in Q1 and around $800 million in Q2 2016.
Adjusted net loss fell almost 9% quarter-over-quarter to $645 million and over 14% year-over-year.
Q2 EBITDA loss was $534 million, down from $598 million in Q1. Uber’s global ride-share business was margin positive last quarter, which is a flip from Q1.
Global trips increased …read more