Uber expects transaction volume to continue to grow in the second quarter and may settle lawsuit with Waymo
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Beijing time, July 12, Uber has been hit by a series of scandals, and investors are worried that the scandals will affect the company's business. On Tuesday, Uber tried to appease investors and try its best to alleviate their concerns. Uber told investors that it expects to increase transactions, reduce losses, and may settle the lawsuit with Alphabet. People familiar with the matter said that Uber executives said in an investor conference call that transactions (gross bookings) increased by more than 10% last quarter compared with the previous quarter, and losses continued to shrink. Uber's lawyers told investors that Alphabet's Waymo company and Uber had legal friction over driverless technology. The trial date is scheduled for October. The lawsuit may be settled before the trial, but Uber's lawyers said that no formal agreement has been reached yet. A Waymo spokesperson said: "Uber abused Waymo confidential information, and we believe we can present strong evidence in front of the jury." In the 15-minute conference call, Uber did not release a full financial report, and it said that the financial report will be ready in the next few weeks. Uber CEO Travis Kalanick resigned under pressure from big investors, and this was the first time Uber briefed shareholders on the company since Kalanick resigned. Angela Padilla pointed out at the meeting that some previous cases were settled before trial, and the Waymo case may end in the same way. Uber and Waymo held a settlement meeting arranged by the court. Later, Waymo agreed to drop all charges, except for one patent infringement charge. It is not a good thing for Uber and Waymo to confront each other publicly because private information of the two companies will be leaked. The court has asked Waymo to provide the cooperation agreement with Lyft, which the two companies are unwilling to provide. Next Monday, Alphabet CEO Larry Page is scheduled to testify in court, and Kalanick will also be questioned. Uber's finance department is now under the control of Prabir Adarkar, who only provided preliminary data to investors at the meeting. In the second quarter, Uber estimates that gross transaction volume will exceed $8.25 billion. Gross transaction volume is the total payment received by Uber, without excluding the driver's share. Although Uber said that its losses will narrow, the company is still far from profitability. Before deducting interest, taxes, and equity incentive expenses, Uber lost $708 million in the first quarter. The increase in expenses is mainly due to the company's development of self-driving cars, expansion into Asia, and recruitment of more employees. Uber now has more than 15,000 employees. Uber director Ryan Graves emphasized that the company is taking measures to improve its relationship with drivers, such as adding a tipping function to the US app. Uber is currently looking for a CEO, and Graves did not reveal much information about this matter because the information is strictly confidential. Graves also said that Uber's executive team has 14 people, and there is no problem running the company for the time being. Among them, 3 people run global businesses, and they are even more important. As a winner of Toutiao's Qingyun Plan and Baijiahao's Bai+ Plan, the 2019 Baidu Digital Author of the Year, the Baijiahao's Most Popular Author in the Technology Field, the 2019 Sogou Technology and Culture Author, and the 2021 Baijiahao Quarterly Influential Creator, he has won many awards, including the 2013 Sohu Best Industry Media Person, the 2015 China New Media Entrepreneurship Competition Beijing Third Place, the 2015 Guangmang Experience Award, the 2015 China New Media Entrepreneurship Competition Finals Third Place, and the 2018 Baidu Dynamic Annual Powerful Celebrity. |
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