Uber's Second-Quarter Sales Rise 63% With Narrower Loss

The San Francisco-based company's second-quarter revenue rose 63% from the prior year to $2.8 billion, while gross bookings, a measure of the overall demand for its ride and delivery services, jumped 41% to about $12 billion, according to a financial statement released by Uber. The company narrowed its loss to $891 million in the second quarter from $1.1 billion a year ago. The loss was, however, wider than the $550 million loss in the first quarter of this year, not including a $3 billion gain from the sales of its southeast Asian and Russian operations. The company is spending more money on new businesses such as food delivery and scooters, according to an Uber spokesman. Mr. Khosrowshahi, who replaced ousted Uber co-founder Travis Kalanick last August, has worked to cut expenses at the ride-hailing company in preparation for an initial public offering. This year, he has sold divisions such as the money-losing U.S. car leasing business to Fair.com and its southeast Asian operations to rival Grab Inc.