Uber Lost $1.8 Billion in 2018 Despite Record Ride-Hailing, Food-Delivery Gains
Uber posted $50 billion in bookings for its ride-hailing and food-delivery services in 2018. However, the company still failed to turn a profit and its revenue growth slowed toward the end of last year, reports Reuters. That's bad news for Uber as the company looks to charm investors into an initial public offering (IPO) later this year.
Annual bookings were up 45 percent over 2017, according to Uber. Even then, the company's losses before taxes, depreciation, and other expenses still totaled $1.8 billion, down from the $2.2 billion loss the company posted in 2017. Uber's full-year revenue for 2018 was $11.3 billion, an increase of 43 percent from 2017.
Previously: Uber Posts $1 Billion Loss in Quarter as Growth in Bookings Slows
(Score: 5, Informative) by darkfeline on Monday February 18 2019, @07:53AM (1 child)
> they need the cash infusion
That's not quite the right way to look at it. Uber's goal is/was to burn money until it achieves a monopoly and then jack prices up and make amazing profits. However it seems like they're having trouble fighting that war of attrition. On the west front, Uber is breaking too many laws, on the east front Uber is not breaking enough laws, and on the AI front Waymo looks to be leading the self-driving future. They're running out of money, but since they haven't achieved a monopoly they can't just jack up prices to turn a profit. Short of a miracle their only hope is to continue their original plan and hope they don't go bankrupt first. Truly they're caught between multiple rocks and hard places.
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(Score: 3, Interesting) by The Mighty Buzzard on Monday February 18 2019, @09:35AM
If that's the case, they've been fucked right from the start. The startup cost in creating a competitor is fuck-all compared to most industries. They were never going to have a monopoly.
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