Uber published new results on Wednesday for the second quarter showing narrower losses but still a long way from a profit.
For the three months to June 30, the firm made a loss of $891 million, compared to the $1.1 billion loss a year ago.
Uber made $12 billion in quarterly gross bookings for the second quarter of 2018, including rides and the food-delivery service. This is an increase of 40 percent from the year before.
The group is facing heavy pressure to turn a profit as they prepare for a planned IPO in 2019.
Uber is planning to heavily invest in the Middle East and India, whilst retreating from China, Southeast Asia and Russia where they failed to compete with local competitors.
Despite plans to make a profit, the regulatory pressure in New York and London are hindering growth.
Last week New York voted to impose a temporary cap on new licences for ride-hailing vehicles in order to lower congestion in the city.
“The city’s 12-month pause on new vehicle licenses will threaten one of the few reliable transportation options while doing nothing to fix the subways or ease congestion,” said Uber in a statement.
The New York Taxi Workers Alliance described the vote as a historic victory for its 18,000-member union.
In London, Sadiq Khan said on Wednesday that he hopes that similar restrictions will occur in the UK’s capital.
In a letter to the transport secretary, Chris Grayling, the London Mayor said he was “determined to create a vibrant taxi and private hire market in the capital, with space for all providers to flourish”.
But “the huge increase in private hire drivers on London’s roads in recent years is causing increased congestion, polluting our air and leaving many drivers struggling to make enough money to support themselves and their families,” he added.
