Uber revealed the intense competitive pressures

Uber revealed the intense competitive pressures on its ride-hailing and food delivery businesses in a prospectus for its upcoming initial public offering, telling potential investors that it will continue to spend heavily in a battle for market share… The prospectus painted a picture of a company burning through tremendous amounts of money to maintain its market share as growth in its core businesses stalls. Overall, revenue reached $11.3 billion last year, Uber said, showing explosive progress for a company that brought in just $495 million in 2014. But in its oldest and biggest business, ride-hailing, growth slowed… The new financial details demonstrate how competition remains fierce among rival car-booking apps including Lyft in the US and Ola in India, which spend heavily to subsidise fares and recruit drivers. Uber said it expected those dynamics to persist, pressuring margins in the near term… Uber is also investing to build up newer businesses, including its food-delivery unit Uber Eats, its Freight trucking arm, and bike and scooter rentals… The company is aiming to raise $10 billion from its IPO and recently told some of its investors that it could be valued at $90 billion to $100 billion… The company was last valued at $76 billion in a private fundraising in August.
 
Shannon Bond and Nicole Bullock

Food4Brains

SUBSCRIBE and RECEIVE your DAILY BRAIN FOOD!