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

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

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

Global trips were also up, by 150 percent YoY (excluding China).

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

Uber said its net loss was $645 million, down from $708 million in the first quarter and $991 million in the fourth quarter of previous year.

However, Uber in its current form does remain utterly dominant.

Uber, facing myriad lawsuits, also has $6.6 billion on hand and says it has an adjusted net revenue of $1.75 billion up from $1.5 billion in the first quarter.

Venture-capital firm Benchmark asked a DE judge to temporarily block Uber co-founder Travis Kalanick from filling two vacant company board seats, claiming his interference hampers the search for his successor as chief executive officer.

Adding to Uber's woes, several mutual funds backing the company have marked down the value of its stock by as much as 15 percent. BlackRock estimated Uber shares were worth more at the end of the period. Kalanick remains on the board and is involved in the company's search for a new CEO. It lost $991 million in the fourth quarter of past year. Some board members have discussed putting Hewlett Packard Enterprise CEO Meg Whitman up for a vote, even though she pulled herself out of the running in July and repeated on Wednesday that she will not take the job.

The growth rate for Uber, suggests that the ride-sharing has not been affected by the recent run of scandals but continues to lose money at historical rates and executives had not yet offered any timetable to reach profitability.

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 previous year. For instance, the company is mulling cuts to its USA car-leasing business , amid costs that were thousands of dollars higher than expected for each vehicle.

As a privately held company, Uber is not required to publicly report its financial results, but earlier this year it began offering a glimpse of its performance by disclosing certain numbers to some media outlets.

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