Reportedly Uber revenue shows slow growth in Second Quarter of 2018

Uber revenue

The company revealed the second quarter growth of 2018 and Uber revenue shows a slow increase, according to the reports. The growth is slowed down and losses increased in the first quarter, Uber is not a public company and that’s why it is not necessary for them to disclose quarterly information of the finances. But the company do it to keep their users informed.

The company told CNBC, the Q2 revenue which was $2.7 billion and it goes up to 51 percent from the same quarter last year Whereas the gross bookings were $12 billion, up 41 percent year-over-year. In this year Q1 the company has received a slight reduction in growth when they booked revenue of $2.5 billion, up to 67% year-over-year, and gross bookings of $11.3 billion, up 55% year-over-year.

Uber profit loses and ever-increasing spendings might be caused by introducing new services, discounts, and spend a huge amount of Uber revenue on Uber Eats and autonomous car technology which somehow not giving any good to the company.

 “We had another great quarter, continuing to grow at an impressive rate for a business of our scale. Going forward, we’re deliberately investing in the future of our platform: big bets like Uber Eats; congestion and environmentally friendly modes of transport like Express Pool, e-bikes and scooters; emerging businesses like Freight; and high-potential markets in the Middle East and India where we are cementing our leadership position,” said Uber’s current CEO Dara Khosrowshahi.

Read also: Asus revealed world’s slimmest GTX 1060 Gaming laptop

Uber is one of the most privately expanded businesses around the world with their values changing from $48 billion and $70 billion over the past three years. On the other hand, the company is planning to raise their business with the introduction of UberAir an air taxi project, expected to launch in 2023. However, uber made some official announcements regarding Air taxi service whose labs will soon open in Paris. The center will work on Airspace management system, AI algorithms which help the taxi to fly, and traffic control system.


Notify of
Inline Feedbacks
View all comments