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Despite recent struggles, Uber continues to grow

Uber has been going through quite a bit of struggle recently. Arguments between investors and board members have intensified and no CEO, Uber executives stated that the company is still growing.

Company officials on Wednesday said that the business continues to grow as shown by gross bookings increasing by 17 percent in the second quarter of 2017. The company’s losses shrank 14 percent to $645 million on revenue of $1.75 billion. Uber also reported to have 6.6 billion cash on hand, which is down from $7.1 billion during last reported period.

Continued growth for Uber is no doubt a great sign for everyone, especially since Uber is coming off a rocky month where a major investor in the company filed a suit against former CEO Travis Kalanick for fraud and meddling.

How did Uber manage to still keep growing? A report from Bloomberg may give us some answers. According to Bloomberg, Uber increased its booking fees in the US and Canada. The fees range from 15 cents to 50 cents per ride, varying on the location. These fees go directly to Uber, not the driver.

While investors are still weary of Uber’s situation, the company is still looking for ways to raise funds and help it to continuously grow. The company is no where near to be in the clear, but it’s a good sign to see that it’s still growing despite all the recent pains.

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Hamza Khalid

Hamza Khalid is the Lead Editor at The Jolt Journal. You're more than welcome to follow him on Twitter and follow The Jolt Journal on Twitter and Facebook. If you have any questions, concerns, or need to report something in this article, please send our team an email at [email protected] This story may be updated at any time if new information surfaces.

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