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UBER Announces Loss Worth $1.8 Billion in 2018


Sun 17 Feb 2019 | 01:48 PM
Yassmine Elsayed

By: ِYassmine ElSayed

CAIRO, Feb. 17 (SEE) - Uber just announced sad news for its institutional shareholders. The most highly- valued US based startup said that it had lost $1.8 billion in 2018, the first full year under new CEO Dara Khosrowshahi, according to the company's select financial results for 2018.

By comparison, Uber's revenue in the September quarter increased by 38% from the year prior. Its June quarter revenue shot up by a strong 63% from the year prior.

According to CNBC, While Uber's losses shrunk, so did its sales growth. Its revenue hit $3 billion in the final three months of 2018, up just 2% from the prior quarter and up 25% from the same period a year ago.

"In 2018, our ridesharing business maintained category leadership in all regions we serve, Uber Freight gained exciting traction in the US, JUMP e-bikes and e-scooters are on the road in over a dozen cities, and we believe Uber Eats became the largest online food delivery business outside of China, based on gross bookings," Uber chief financial officer Nelson Chai said in a statement.

The company is heading into its much-anticipated IPO in 2019 after more than one billion dollars in losses last year.

The steadily declining sales growth could raise alarm bells for potential investors on Wall Street who are expecting to see a business with rocket ship growth to justify the lofty $120 billion valuation it's reportedly seeking. It has been widely reported that the company has confidentially filed initial paperwork to go public.