Uber Revenue Hikes By 43% But Profit Remains Fugitive
Uber has attained annual revenue of $11.3 Billion in 2018, 43% hike from 2017.
The company has also lowered its losses from $2.2 Billion to $1.8 Billion in 2018.
Uber had 50 billion bookings inclusive of rides and food delivery booking both in 2018.
Uber has generated revenue in the fourth quarter $3 Billion 2% hike from 3rd quarter in 2018.
US-based ride-hailing unicorn Uber Technologies has clocked in annual revenue of $11.3 Billion in 2018, 43% hike w.r.t 2017. The company has also shallowed its losses from $2.2 Billion to $1.8 Billion in 2018.
Uber has released its booking figure which was up by 45% from 2017 and it had 50 billion bookings inclusive of rides and food delivery booking both. The company is plunking high efforts to put all its vigor to become the top ride-hailing IPO. According to Nelson Chai, Uber CFO, last year was our strongest yet and Quarter4 set another record. But Uber has recorded growth of 2 percent in Quarter 4 thus putting a question on the future of it. Its revenue in the fourth quarter was $3 Billion 2% hike from the 3rd quarter and 24% increment more last year.
According to sources, UberEats, food delivery service of Uber is accounted for quarterly bookings of worth over $2.5 Billion.
Uber is having high competition from Ola in India, Didi Chuxing in China and Lyft. It is trying to catch more and more customers by leveraging several offers for rides. It is also investing in marketing and recruiting and enhancing driver commission.
Last year reports reveal that Uber is doubling its investment in Bengaluru to attract more and more engineers to avail its service.
The company is planning to hire 1,000 enthusiasts in both cities within 12 months. The company is doing massive hiring because it is in the wish to make India a space for launching and experimenting new products and exporting them to its international market of Latin America and Africa.
Yet getting a 43% increase in revenue Uber has to be in a net loss because of intense competition between ride-hailing giants across the globe. UberEats is also facing high competition in food delivery service from Swiggy, Zomato, and Doordash. Uber is in the delima of which master plan it should choose to make a profit from UberEats and its core business of cab hailing.
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