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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.

Go deeper

36 mins ago - Health

U.S. tops 88,000 COVID-19 cases, setting new single-day record

Expand chart
Data: COVID Tracking Project; Chart: Axios Visuals

The United States reported 88,452 new coronavirus cases on Thursday, setting a single-day record, according to data from the COVID Tracking Project.

The big picture: The country confirmed 1,049 additional deaths due to the virus, and there are over 46,000 people currently being hospitalized, suggesting the U.S. is experiencing a third wave heading into the winter months.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day.
  2. Politics: Top HHS spokesperson pitched coronavirus ad campaign as "helping the president" — Space Force's No. 2 general tests positive for coronavirus.
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases.
  4. Sports: MLB to investigate Dodgers player who joined celebration after positive COVID test.
  5. 🎧Podcast: The vaccine race turns toward nationalism.

The norms around science and politics are cracking

Illustration: Aïda Amer/Axios

Crafting successful public health measures depends on the ability of top scientists to gather data and report their findings unrestricted to policymakers.

State of play: But concern has spiked among health experts and physicians over what they see as an assault on key science protections, particularly during a raging pandemic. And a move last week by President Trump, via an executive order, is triggering even more worries.