Uber Technologies Inc reported on Wednesday that its losses narrowed in the second quarter by 9 percent and ride bookings rose, but the company is still a long way from being profitable.
Last year, San Francisco-based Uber lost about $3 billion. Gross bookings, or total money collected by fares, jumped 17% quarter-over-quarter to $8.7 billion - double the amount from a year earlier. It bent to mounting pressure from drivers in June by adding the option for customers to tip within the app. Uber said it has paid out more than $50 million in gratuities since then.
Uber generated $1.75 billion in adjusted net revenue in the second quarter, up 17 percent from the prior quarter.
The company saw its bookings double on previous year to $8.7bn during the period, according to Uber's latest results published by USA website Axios, suggesting customers are not being put off recent controversies.
Some investors have eyed Uber's $68 billion valuation with scepticism, and recently four mutual fund investors marked down the value of their Uber shares by as much as 15 percent.
It's a sign that Uber is still looking for avenues to raise funds and improve its balance sheet as investors grow tired of the turmoil within the company. Uber agreed to merge with local player Yandex in July.
This financial report comes after a rocky month for Uber, following a suit from a major investor accusing former CEO Travis Kalanick of fraud and meddling in the search for a new top executive, while it's still without a number of other leaders.
The ride-hailing startup had $6.6 billion in cash at the end of the second quarter, down from $7.2 billion the quarter before.