Uber Q2 bookings increase, loss narrows

Continued growth in ridership implies Uber's core business has so far weathered a string of scandals

Uber Technologies Inc on Wednesday reported a 16 per cent increase in quarterly bookings and a smaller loss than the previous period as the ride-services company showed signs of inching toward profitability.

The shrinking losses reflect Uber's efforts to rein in massive spending on subsidies for both drivers and customers even as it battles rivals in tough markets like South Asia.

The San Francisco-based company said it lost $645 million in the second quarter, 9 percent less than the $708 million loss in the first quarter and 35 percent less than the $991 million loss in the fourth quarter of