Uber record loss of £702m in latest quarter as profit remains a long way off

Controversial ride-hailing firm Uber squeezed its losses slightly in the second quarter, but remains £702m off of recording a quarterly profit according to company figures published this week. The under pressure global minicab operator accounted a £702m net loss for the three months leading up to 30 June, an improvement when you compare it to the firms $1.1bn loss this time last year. Dara Khosrowshahi’s Uber are now under huge pressure to become profitable before a planned IPO next year as funds start to dwindle. Uber made $12bn worth of gross bookings in the quarter, which included revenue from both minicab rides and its food-delivery service. This total was up 40% from last year, however the previous quarter totalled 55% showing a slow down in growth. The firms CEO Khosrowshahi blamed the losses on "big bets" outside its core ride-hailing app, such as food delivery, electric bikes and for-hire scooters.