Uber is still in startup mode, losing a ton of money but also growing quickly. And by a ton we mean you could not set cash on fire this fast. The company offered a rare look at its books (the company is still private and therefore doesn't have to divulge financial information) to Bloomberg. Uber confirmed the numbers in an email to Mashable. The two main takeaways:
The numbers come out as Uber is trying to address internal issues around workplace culture (in particular gender discrimination) and halt the recent departures of top talent. Its CEO, Travis Kalanick, has also faced near-constant criticism for his actions and behavior. What will cheer Uber investors is that the company is on track to start turning a profit ... at some point. Uber's sales growth is outpacing its losses, a trend that will help the company starting making money if it continues. That is not a foregone conclusion. Uber investors have piled more than $8 billion into the company (not including debt!) in the belief that it's someday going to be on the level of companies like Facebook or Amazon. Some outside observers also believe that theory. Others don't, citing Uber's as-yet-to-be-proved model as having little upside. And then there's, you know, the bus. Featured Video For You Students build an electric wheelchair that can climb stairs |
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