According to recent reports, it was revealed that Uber has had a very tough year.
In 2018, Dara Khorowshahi, the first CEO of Uber, who completed a full, whole term, narrowed losses and continued to exhibit growth.
However, the tricky part is that “growth was slower than the previous year”.
Leading up to its objectives in the last year, the company is heading ahead because of transportation and logistics and not only ride hailing.
However, there are certain problems prevailing in Uber’s circle. These include:
- Autonomous driving
- Flying cars
- Uber’s long term profitability
Uber is not backing out at all. In fact, its CFO and COO are making sure that they bring the company on track by making the right choices.
The current CEO of Uber made sure that there should be big expensive bets because of Uber’s acquisition of bikes and scooters, start ups and expanding on their efforts called Uber Eats.
During the 4th quarter of 2018, the company adjusted a loss of $768 million.
It benefited from income tax- $358 million and then it adjusted a loss of $840 million. Its gross bookings for Q4 came in $14.2 billion, up from 37% from the same quarter a year before.
Uber’s Core Business
Right now, Uber is considering its food delivery business as its core business.
During the 4th quarter of the year, UberEats made up a segment of 17th during its Q3. Back in October, Uber said that it is expanding its business to cover about 70% in the US by the end of this year.
In Other News:
In other news, Uber drivers are reporting false reporting riders who vomit inside their vehicles. Apparently, this is called a vomit fraud but they are now evaluating this fully.
For more updates, stay tuned at Tech Unveiled.