Uber’s past six months have been tumultuous, with lawsuits and allegations of harassment. The company doesn’t even have a CEO right now, but newly released financials suggest that most users don’t care.
First reported by Axios, Uber has confirmed to us that Uber’s $8.7 billion in gross bookings were up 17 percent in the second quarter. Global trips increased 150 percent year-over-year, excluding China.
Adjusted net revenue was $1.75 billion in the second quarter, up from $1.5 billion in the first quarter. Adjusted net losses also fell 9 percent to $645 million, a sign that margins are improving.
Uber is making it a habit of sharing its financials to send the message that the company is still doing well. But is it doing well enough? Uber’s $68.5 billion valuation already assumes rapid growth.
Several Uber investors have told us that the current consensus is Uber is now worth less than its last privately assigned valuation — a reflection, perhaps, of what brokers on the secondary market are seeing. According to an April report in The Information — published even before former CEO Travis Kalanick was asked to resign — investors were looking to buy Uber stock, and shareholders willing to sell it, at a $50 billion valuation, though it isn’t clear that Uber green-lighted any of those transactions.
It can’t help that Benchmark, an early investor with a board seat, has sued former CEO Kalanick, saying that Kalanick should have warned it about the company’s “material” problems.
Not everyone agrees the company’s value has slipped, however. Early investor Shervin Pishevar is offering to buy most of Benchmark Capital’s shares at the same price as the last private round.
Sources close to the firm have reportedly said it is not interested in selling to him.