It is still looking hard for Uber – the very reason I believe that Uber and Lyft will come together very soon. Yes, everyone will see that these companies are not making money and would be allowed to at least survive through merger. Despite raising last private fund at close to $100 billion, the public market value remains less than $70 billion.
Uber lost $1 billion last quarter. It was the first earnings report for the ride-hailing giant as a public company, and was in line with estimates detailed in IPO documents. Sales and marketing costs jumped while revenue growth was the slowest in years. The results come amid a bumpy few months for Uber, as what was supposed to be a triumphant public listing instead stumbled.
---
Register for Tekedia Mini-MBA (Jun 3 - Sep 2, 2024), and join Prof Ndubuisi Ekekwe and our global faculty; click here.