Investor Benchmark claims ex-Uber CEO is a 'corrosive influence'

Uber is still a growing business despite its leadership strife

Uber is still a growing business despite its leadership strife

Uber, which for months has been operating without a CEO following Travis Kalanick's unceremonious exit, is considering former GE CEO Jeff Immelt, with a deal possibly in place as early as Labor Day, according to multiple reports.

Earnings figures first reported on news Web site Axios and confirmed by reporters showed that adjusted net revenue at Uber was US$1.75 billion in the second quarter, more than doubling from about US$800 million in the same period past year.

However, underlying these improvements is the fact that Uber posted an adjusted net loss of $645 million for the quarter, still a significant amount even if it is an improvement from the $750 million loss that was booked in the first quarter. Adjusted net revenue, or what the company receives after it pays its drivers, also grew to $1.75 billion, compared to $1.5 billion in the first quarter.

Uber's many crises have emboldened the company's competitors.

But the ride-hail company, valued at approximately $68 billion, is still losing more than half a billion dollars a quarter.

During the last seven years, Uber has raised almost $15 billion from investors.

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If a new CEO jacks up fares to decrease unprofitability, there is a fear that Uber's competitiveness will suffer.

Meanwhile, Uber drivers have earned US$50 million in tips since a gratuity option was added to the ride-sharing application in June. However, this has not affected Uber's business.

Global trips popped 150 percent from a year ago, while gross bookings hit $8.7 billion, up 17 percent sequentially and double the bookings in the year-ago period. It includes Russian Federation, where Uber's recently-announced partnership with Yandex has yet to be approved by local regulators, Axios reported.

The company's cash position stands strong though it was down from the previous quarter due to continuous losses, with $6.6 billion cash at the end of second quarter, less than the $7.1 billion at the end of the first quarter. This is nine percent less than the $708 million loss in the first quarter of the year.

The positive results come amid a largely turbulent year for Uber.

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