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While the truth promises freedom, facts still hurt. This could be said for Uber Technologies Inc. Due to new competition and struggling profitability, the ride-hailing titan is likely to report a $2.1 share loss on sales of $3.31 Billion on its Q2 earnings.
Public since May, Uber had admitted into finding it challenging to achieve client satisfaction amidst a competitive landscape, given that consumers are constantly price conscious.
Lyft Inc., Uber's rival in North America offers more competent prices, often 20-25% below Uber in New York. Bolt, another transportation network backed by Daimler AG, is conducting business the same way in London.
Uber's stock had suffered from the uncertain business environment which had begun deteriorating since May 10th. Uber's stocks fell by 16% from the $45 offering price. The shares went up by 0.3% in New York and closed at $39.15.
Impressively, Uber's revenue grew by 95% in 2017 from the year before. However, in the same segment, it dropped almost shockingly to 33% last year. It had been reported that Uber had lost more than $10 billion on operations over the past 3 years.
As the numbers are ugly, with Uber's first-quarter earnings charted a loss from operations at $1.03 billion, its incentive payments to drivers and other costs at $2.62 Billion, and its revenue growth continuously shrinking, Uber Chief Executive Officer Dara Khosrowshahi says he doesn’t want investors to focus on them.
Khosrowshahi highlights the strength of the company’s evolving “platform,” as something that investors should be looking hard into. He goes further into saying that one day, Uber will create the largest modern transportation ecosystem, including its ride-hailing service, Uber Eats (Uber's food delivery service), electric scooters, freight delivery, driverless vehicles, and most ambitiously, flying cars.
While the vision seems promising, after its IPO, Uber has to quickly find a way to cure its ailing financial condition to improve its core business, thus eliminating potential for further loss.
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