Uber, Losing $1.8 Billion a Year, Reveals I.P.O. Filing

…But the prospectus renewed questions about how sustainable Uber’s business actually is. The company said in the filing that it lost $1.8 billion in 2018, excluding certain transactions, on revenue of $11.3 billion. And the prospectus also showed that its rocket-ship trajectory for revenue growth was beginning to slow.

…While revenue growth in its ride-hailing business slowed, its food delivery service, Uber Eats, is soaring. Revenue from Uber Eats nearly tripled to $1.5 billion in 2018 from $587 million a year earlier.

…The company said in its prospectus that the possibility it may someday be forced to recognize its drivers as employees was an existential threat to its business. “Any such reclassification would require us to fundamentally change our business model,” Uber said.


more Reuters

Leave a comment

Your email address will not be published. Required fields are marked *