Many companies do not reveal their financial reports every quarter but Uber has been doing it for quite a few times. Uber is disclosing their financial reports for every quarter publicly. In Q1 of 2018, Uber went down a little but have covered up in Q2. It is reported that Uber’s revenue was up by 8 per cent over the last quarter. It is now valued at $2.7 billion. If we compare it with the previous year, Uber has gained nearly 51% increase in their overall revenue. In spite of the high gain, it is reported that Uber supported huge losses in Q2 2018. Uber nearly lost $400 million in Q2 2018. In Q1, Uber suffered a loss of $304 million but have improved on their overall worth.
Uber’s Performance In Q2 2018
Uber has performed well in Q2 2018. In booking wise, Uber has made a record in their transport services. It made gross bookings of nearly $12 billion which is a 6% rise over Q1. If we compare with the previous year, Uber sees a rise of 41%. The losses Uber is suffering is because of their other investments. Uber is investing huge amounts in Uber Eats which operates in India. In the Middle East, Uber is focusing more on bikes and scooters. Moreover, it is trying to expand the Eats services throughout the world. Uber Eats is now available in parts of Europe, the Middle East and Africa. It also acquired quite a few numbers of startups like Ando, JUMP and others.
Dara Khosrowshahi, the CEO of Uber said that “We spent a great quarter. We are working according to our plans and have seen a remarkable growth. This quarter, we made the record for the highest gross amount from the transportation service. We have invested in other platforms like Uber Eats, Express Pool, e-bikes and scooters. We have partnered with a lot of businesses and have made our stand in India and the Middle East”.
Uber Self Driving Cars
Quarter Q2 of 2018 went well for Uber in most of the aspects. But, the self-driving cars were not one. Uber has been shelling out nearly $125 to $200 million every quarter. But, the investors are not happy with the self-driving cars investment. Some of the board members are forcing Uber to get rid of their self-driving cars investment. The issue started in March when one of the test cars killed a person in Arizona. After that, Uber stopped the program in many cities but are still trying on it. Following this, Uber also closed the self-driving trucks division.
Uber Freight is working quite well and is expected to provide profits for the company. Uber Freight links the drivers with the cargo for shipping. It might generate around $500 over the next four quarters. Above all, Uber is trying to get their transportation services in the air! UberAIR might soon be a reality by 2023 if all the plans are well executed. Uber looks quite well on their track and is expected to recover all their losses soon enough.