Uber Tells Investors To Expect Growth, End To Waymo Dispute

Advertisement
Advertisement

Uber on Tuesday held a conference call with investors, assuring them that the company still has a bright future ahead of it and expects to see significant financial growth, in addition to soon concluding its legal dispute with Waymo. Alphabet's self-driving subsidiary recently accused the San Francisco, California-based ride-hailing giant of stealing a number of trade secrets from the company, including a specific LiDAR design that Uber claims it developed on its own. The high-profile legal battle led to the sacking of Uber's chief autonomous driving engineer Anthony Levandowski who supposedly stole the original documents while still working for the unit that operated under Google two years ago, in addition to indirectly prompting the company's ex-Chief Executive Officer Travis Kalanick to step down.

That ordeal and several allegations of a predatory corporate culture at Uber caused a number of issues for the firm in recent months, but its top management is convinced that things are set to improve in the immediate future, urging investors not to worry. Uber is now expecting an increase in bookings that will directly lead to reduced losses and is pointing to a ten-percent jump in quarterly gross bookings in Q2 2017 to indicate how the company's business is still growing at a steady pace. One of Uber's legal representatives also claimed that the firm may be able to conclude its dispute with Waymo before October when their public trial is officially scheduled to start, noting how Uber and Alphabet's subsidiary are already working on a settlement, sources with knowledge of the effort said.

Despite doing its best to put its investors' minds at ease, Uber has yet to provide them with its complete financial results in the most recent period. A more detailed breakdown of the company's performance is expected to be shared with investors in the next few weeks, presumably by the end of August. The Tuesday call with investors was the first official shareholder meeting at Uber that took place after Kalanick's departure and the firm has yet to find a suitable replacement for its founder and former CEO. It's currently unclear whether Uber is still actively looking to hire a Chief Operating Officer that was originally meant to help Kalanick lead the firm but wasn't found by the time he was pressured to resign his executive role at the company.

Advertisement