- Uber just reported its second quarter financials, showing a slight slowdown in net revenue and bookings growth.
- Revenue increased 41% year-over-year, while losses narrowed 24% year over year but widened 32% from the previous quarter.
- CEO Dara Khosrowshahi says Uber is investing in "big bets like Uber Eats", e-bikes and scooters and "high-potential markets in the Middle East and India"
Ride-hailing company Uber is still on track to book more than $10 billion in revenue this year, although growth has slowed and its losses widened since the first quarter, according to the company's self-reported financials.
Uber told CNBC its Q2 net revenue was $2.7 billion, up 51 percent from the same quarter last year, and gross bookings were $12 billion, up 41 percent year-over-year.
That's a slight slowdown in growth from Q1, when it booked revenue of $2.5 billion, up 67 percent year-over-year, and gross bookings of $11.3 billion, up 55 percent year-over-year.
Uber's adjusted EBITDA loss for the second quarter was $404 million. That's down 24 percent year-over-year, but an increase of 32 percent since the first quarter. Adjusted net loss widened in the second quarter to $659 million, up from $577 million in Q1.
Uber's gross cash on hand at the end of the June quarter was $7.3 billion, increasing by $1 billion from a quarter before.
Because Uber is privately held, these numbers are not reported publicly in a government filing, but are the numbers that Uber gives its own investors on a regular basis.
Uber is one of the most highly valued private companies in the world, with valuations fluctuating between $48 billion and $70 billion over the last three years. At the end of Q1, the company reported that it was raising a new tender at a valuation of $62 billion. It has said it's preparing to go public in 2019.
However, its lofty valuation could be difficult to maintain given Uber's slowing growth, which the company blamed on its larger size, and its continuing losses.
Additionally, spending at Uber's self-driving car unit may be weighing on the company, according to The Information. The report says the ride-hailing company has been spending between $125 million and $200 million over the past 18 months on self driving, which is equal to 15% to 30% of Uber's quarterly losses.
On the bright side, Uber has fast-growing newer businesses like Uber Eats. CEO Dara Khosrowshahi previously said Uber Eats is growing 200% per year and has a $6 billion run rate, meaning it's on track to book $6 billion over the next 12 months given current rates.
"Going forward, we're deliberately investing in the future of our platform: big bets like Uber Eats; congestion and environmentally friendly modes of transport like Express Pool, e-bikes and scooters; emerging businesses like Freight; and high-potential markets in the Middle East and India where we are cementing our leadership position," Khosrowshahi told CNBC.