Uber technologies has recently accounted a loss of around $5.2 billion Indian value of which is around 36,600 crores. It is also mentioned in the reports, that revenue falls short for the Wall Street targets.
According to the reports, price war in the United States was easing and it is one of the important measures of profits, which has topped the target. On the other hand, Uber’s revenue is going down and this might raise questions on the abilities of Uber of fighting the competition.
According to the statement of the financial analyst of financial marketing platforms, “losses are widening and the competition is cut-throat”.
Last year Uber had experienced a loss of around $878 millions and this year it has increased to $5.2 billions.
Uber had increased its stock by around 8% and Lyft had gained 3% during the day. According to the Uber reports, Uber’s share had fell around 6% and Lyft has been dropped by around 2%.
With the increment in the gross bookings, total value of the car rides, scooters, bicycle trips, food deliveries, and other services values increased around 31% and therefore analysts were expecting the revenue of around $15.80 billions.
As Uber has decreased the money on per car ride, the customer base increased by around 20% and on the other hand Uber revenue increased just by 4%.
According to the chief executive officer Dara Khosrowshahi, who once told in the press call that they had been progressively improving since the first quarter.
Uber in a report said that Uber has increased the active users globally to 99 million from 93 million active users monthly. Uber has not even mentioned that it is going to increase the revenue or profit or it is just a way of convincing the investors.