Uber is investing in new areas such as scooters, bicycles and freight shipments and it’s proving to be costly for the company. According to self-reported financials, the company lost over $1 billion in Q3.
Uber’s road to going public is a bumpy one.
As well as taking that massive L financially, revenue growth for Uber is almost half of what it was six months ago coming in at 38 percent in Q3. Despite the bad news, there are silver linings, the company is still growing, and the San Francisco based still managed to pull in $12.7 billion after paying its driver’s commissions a 34 percent hike from the previous year.
Uber is hoping the rising popularity of Uber Eats which generated $2.1 billion in gross bookings will help the company’s case when trying to go public. Uber is currently valued at $120 billion nearly doubling its $62 billion which was last reported. Drivers in the company are hoping Uber can obtain its public status cause it could possibly lead to them owning company stock.
While there are still doubts about just how profitable Uber can be only on its ride-sharing business, the company is looking to lure in more customers through Uber Eats, its forthcoming drone-based food delivery system and a subscription service called Ride Pass.
Looks like Uber’s CEO, Dara Khosrowshahi has some serious work to do on top of repairing the damage from all of the scandals that happened in the company under previous CEO Travis Kalanick.
Photo: Anadolu Agency / Getty