Uber Generates $11bn Full Year Revenue

                           

Technology ride-hailing company, Uber out-paced its rising competitor Lyft by more than $9 billion in revenue and at least 60 million users according to its IPO paperwork filed with the Securities and Exchange Commission (SEC). In order to pitch its business to investors, and befitting the company’s size and complexity, Uber filed 285 pages, plus 83 more of financial statements. According to it, the company, generated more than $11 billion in net revenue last year, a 42 per cent growth rate from the year before. In identifying potential risks for its public filing, Uber acknowledged that it has “incurred significant losses since inception.” The company also acknowledged that its revenue growth has slowed in recent quarters, exacerbating concerns about whether Uber can be profitable given massive expenses. Uber said it spent $14.3 billion in 2018. The company said, “We expect our operating expenses to increase significantly in the foreseeable future, and we may not achieve profitability.” Uber said it had 91 million registered users on its platform through the end of 2018. The company’s drivers have earned more than $78.2 billion through the platform since 2015. The app is active in more than 700 cities, with drivers completing more than 14 million trips per day. Uber stock, which would trade on the New York Stock Exchange within weeks, is seeking to fetch the company a $100 billion valuation, which is lower than initial reports. Beyond ride-hailing, Uber also operates meal-delivery service Uber Eats, shipping service Uber Freight. Uber said its gross bookings, which cover all of the customer payments generated by ride-sharing and food-delivery services outside of tips, rose 45 per cent annually in 2018 to $49.8 billion and 37 per cent in Q4 to $14.2 billion.

READ  Atiku Abubakar Supported Total Removal Of Subsidy

Recommended For You

Leave a Reply