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Illustration: Lazaro Gamio / Axios

Uber is once again losing money, after turning a first quarter profit thanks to the sales of its Russia and Southeast Asia units.

Why it matters: Uber plans to go public by the end of 2019, but continues to balance its desire for profitability with increased investment in areas like food delivery business, bike-share and self-driving.

Top line: $2.7 billion in net revenue for Q2, up 49% from a year ago and a 10% increase from the previous quarter (excluding Russia and Southeast Asia), according to documents provided by the company.

  • Gross bookings, which include driver earnings, hit $12 billion. That's up 38% from a year ago, and over 6% from Q1.

Bottom line: $891 million loss on a GAAP basis. That's a big drop from nearly $2.5 billion in Q1 profits, but better than the $1.1 billion loss from Q4 2017.

  • Adjusted EBITDA loss (Uber’s preferred metric) was $614 million, which is slightly better than $645 million during the year-earlier period. The pro forma adjusted EBITDA loss climbed from $304 million in Q1 to $404 million in Q2.
  • Uber increased its spend in areas like marketing and R&D, but its largest bump was in the "general and administrative" bucket, which includes reserves for potential legal settlements and impairment charges from winding down its car leasing units.

Balance sheet: $5.7 billion of cash and $4.7 billion of long-term debt, as of June 30, 2018. Overall assets are listed at $21.1 billion, and overall liabilities at $14.2 billion.

Drivers made $8.23 billion during the second quarter, plus received another $427 million in incentives and miscellaneous payments.

Go deeper

Biden confronts mounting humanitarian crisis at the border

Illustration: Eniola Odetunde/Axios. Photo: Pool/Getty Images     

Just over a month into his presidency, President Biden is staring down a mounting crisis at the border that could be just as bad as the ones faced by Barack Obama and Donald Trump, if not worse.

  • Why it matters: Immigration is an issue that can consume a presidency. It's intensely and poisonously partisan. It's complicated. And the lives and welfare of vulnerable children hang in the balance.

The backstory: Biden came into office sounding a warmer, more welcoming policy that would treat migrants humanely. Desperate people have taken notice.

  • And Biden reversed Trump’s COVID-era policy of turning away unaccompanied children — the very group that is now surging and being held for days in border stations unfit for children.

What's happening: Shelters are overflowing. Border crossings are rising. Border Patrol facilities are overwhelmed. And the new administration is taking fire from both the left and right as it grapples with the issue's harsh realities.

Erica Pandey, author of @Work
39 mins ago - Economy & Business

The rise of vaccine passports

Illustration: Annelise Capossela/Axios

Vaccine passports were touted early in the pandemic as an important piece of the plan to get people back to normal life. Now they’re becoming a reality.

Driving the news: CLEAR, the secure digital identity app that you see in airports around the world, and CommonPass, a health app that lets users securely access vaccination records and COVID test results, have joined forces.

"Vaccine tourism" stretches states' supplies

Illustration: Sarah Grillo/Axios

Americans who are highly motivated to get vaccinated are traveling across state lines after hearing about larger vaccine supplies or loopholes in sign-up systems.

Why it matters: "Vaccine tourism" raises ethical and legal questions, and could worsen the racial socioeconomic and racial inequalities of the pandemic.