Uber posted $ 50 billion in orders for its shipping companies and food deliveries in 2018. However, the company still failed to win, and sales growth slowed towards the end of last year, Reuters reported. It's bad news for Uber as the company appears to charm investors into an initial public offering (IPO) later this year.
Annual orders increased by 45 percent during 2017, according to Uber. Even then, the company's loss before tax, depreciation and other expenses was still $ 1.8 billion, down from the 2.2 billion loss the company reported in 2017. Uber's full-year revenue for 2018 was $ 11.3 billion, an increase of 43 percent from 2017
Uber also said that gross orders for the fourth quarter of 201
Uber has made a practice of publishing selected financial figures for past several quarters instead of full financial results that it expects to go public. The company filed for a stock exchange listing in December, shortly after Lyft made its own submission. The two competitors now race to become the first walking company to launch an IPO. The results of the first IPO will be a referendum on the automotive industry.
Ride hailing has been named as the future of transport, and uber rely on freelance drivers to eliminate many of the costs associated with more traditional transportation services. But despite not having to pay operating costs for a fleet of cars or benefits for drivers, Uber still loses money. The company is also facing increased competition from Lyft and international rivals such as China's Didi Chuxing and India's Ola, and is still working on rebuilding its self-driving car program after a deadly crash.
Uber was the first walking company, and it remains the largest. The prominent, as well as former scandals, have made Uber a target of criticism. That said, many of the problems associated with Uber, such as driver salaries and the service's traffic load, also apply to other shipping companies. Uber's success or failure to go public can set a precedent for the entire industry.