If investors were worried that Uber Technologies Inc.'s seemingly endless controversies would hurt its business, that doesn't seem to be the case just yet.
The embattled ride-hailing startup narrowed its losses by nearly 9% in the second quarter, while bookings, trips and revenue continued to climb year-over-year, according to Axios.
Uber said it had a net loss of $645 million, down from a loss of $708 million in the first quarter and $991 million in the fiscal 2016 fourth quarter. Even though losses shrunk 14% year-over-year, it's still a sizable amount standing in the way of its path to profitability.
Revenue came in at $1.75 billion, up from $1.5 billion in the first quarter and about $800 million during the same period one year ago. Gross bookings, or total money collected by fares, jumped 17% quarter-over-quarter to $8.7 billion -- double the amount from a year earlier.
Meanwhile, global trips on the app shot up 150% year-over-year. This number excludes China, where Uber last year ceded the market to Chinese ride-hailing giant Didi Chuxing, but it includes Russia, Axios noted. Uber in July announced it would partner with Yandex, the Russian search engine's ride-hailing division.
Uber has $6.6 billion cash on hand, compared to about $7.2 billion in the first quarter.
The positive results come amid a largely turbulent year for Uber. Earlier this year, the company faced several bouts of widespread public criticism during the #deleteUber movement, when more than 200,000 users deleted their accounts on the app. On top of that, a blog post from former engineer Susan Fowler, with included allegations of sexual harassment, spurred several investigations into the company's toxic workplace culture, a stream of executives fled the company and, ultimately, former CEO Travis Kalanick resigned from his role. Uber is now in need of a CEO, COO, CFO, CMO and SVP of engineering.
Uber, which is valued at about $68 billion, has also been with waning confidence among investors. Late Tuesday, it was discovered that four mutual funds had slashed their stakes in the company by as much as 15%.
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