Uber Doing Well, Despite Corporate Trouble

Over the last eight months, the ride hailing company Uber has been involved in lots of corporate scandals. From investors plotting to get former CEO Travis Kalanick fired (and succeeding), to accusations of sexism at workplace from multiple employees. However, all those problems seem to have not affected the company’s popularity among its clients. Many people are considering an Uber the best way to travel in big cities and they don’t care about its internal issues. This fact was revealed on Wednesday, when the company made its financials pubic. According to those, the gross bookings kept on increasing and the losses became less clear.

Uber doing good, despite problems

Moreover, ride requests have reportedly doubled since last year. Those numbers are only a proof that people have become so used to travelling with an Uber, that no such problem will make them give up. Back in June, former CEO Travis Kalanick resigned from his position after pressure from investors. This happened as a result of many accusations of sexism at the workplace, from a lot of mainly female employees. Now, Benchmark is trying to fight back some other investors who want Kalanick out of the board too. And after many experts and investors have declared themselves worried about the company’s fate, it seems like they were all wrong. And the numbers from Wednesday prove it.

It’s very important to note that the company’s losses are now of about $645 million. Last year’s losses were of about $708 million. This means that the losses registered a 14% drop. And even if Uber has spent large sums in the past to extend the service to other countries, in the past year, it focused that spending on big countries like Russia and China. However, the company refused to offer any comment and it just revealed those number and confirmed them as being true.

A decrease in losses

However, even if Uber is surprisingly doing very good despite its problems, some investors preferred to step down. It was maybe out of caution, or they thought the company was never going to go back to its former success. It seems like they were wrong. At the moment, Uber’s value is estimated at about $68.5 billion. The company is actually the most expensive private start-up.

Image source: flickr

 

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