Uber losses shrink as ride numbers grow

Uber is still losing money, but the ride-hailing firm appears to have stemmed the flow of cash to some degree.

The company lost about $645m in the second quarter of the year, down 14% from the same period in 2016, according to figures given to the website Axios.

Revenue reached $1.75bn in the second quarter – more than double the figure for the same period last year.

Uber also said drivers earned about $50m in tips since June.

The number of trips in the quarter soared 150% year-on-year, with the fastest growth coming in developing markets.

The privately owned company has recently started to reveal some of its financial information.

It has been under a microscope, after a series of scandals that led to the departure of Travis Kalanick as chief executive.