Lazaro Gamio / Axios

Uber's gross bookings were up 17% in the second quarter, the number of trips taken rose 150% in the past year and its adjusted loss fell, according to numbers provided to Axios by the company. Uber drivers have earned $50 million in tips since the program started in late June.

Why it matters: Uber spent most of the quarter under the cloud of a well-publicized internal investigation into sexual harassment and other unsavory aspects of company culture, and ended it with the forced resignation of CEO Travis Kalanick. The ride-hail giant's core business, however, appears to have kept humming along.

The numbers:

  • Gross bookings rose 17% in the second quarter to $8.7 billion (and doubled from a year earlier).
  • Adjusted net revenue was $1.75 billion in Q2 vs $1.5 billion in Q1 and around $800 million in Q2 2016.
  • Adjusted net loss fell almost 9% quarter-over-quarter to $645 million and over 14% year-over-year.The $645 million is adjusted EBIT, while Uber's Q2 EBITDA loss was $534 million (down from $598 million in Q1). Uber's global ride-share business was margin positive last quarter, which is a flip from Q1.
  • Global trips increased 150% year-over-year, including 90% growth in developed markets and over 250% growth in developing markets. This excludes China, which Uber exited last summer in exchange for an equity stake in Didi Chuxing. It includes Russia, where Uber's recently-announced partnership with Yandex has yet to be approved by local regulators.
  • Revenue note: Uber is no longer reporting unadjusted net revenue to its investors, due to new guidance from the SEC.
  • Uber had $6.6 billion in cash at quarter's end, down from around $7.2 billion at the end of Q1.
  • Uber drivers have earned around $50 million in tips between when the program was rolled out in select markets on June 20 and the beginning of this week. For context, Lyft reported a similar $50 million figure for a 2.5 month period ending in the middle of this past June, but that was for a longer time period and for all of its markets (Lyft originally launched tipping nearly five years ago, generating over $250 million to date).

Recruiting tool: A booming top-line and shrinking (albeit still sizable) losses are why Uber, despite its myriad of problems, remains attractive to blue-chip CEO candidates like former General Electric boss Jeff Immelt. But...

What to watch: Uber still had a CEO for most of Q2, and its board had not yet erupted into the open warfare seen in Q3. Expect Immelt and others to dive deep into still-unreleased results for July and August.

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A massive wildfire that prompted mandatory evacuations in Southern California over the weekend burned 26,450 acres and was 5% contained by Monday afternoon, the California Department of Forestry and Fire Protection said.

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Twitter faces FTC fine of up to $250 million over alleged privacy violations

Photo: Rafael Henrique/SOPA Images/LightRocket

The Federal Trade Commission has accused Twitter of using phone numbers and emails from its users to make targeted ads between 2013 and 2019, Twitter said in an SEC filing published Monday.

Why it matters: Twitter estimates that the FTC's draft complaint, which was sent a few days after its Q2 earnings report, could cost the company between $150 million and $250 million. The complaint is unrelated to the recent Twitter hack involving a bitcoin scam.