Uber’s in a bit of trouble after quarterly losses surged to $1.1 billion dollars. The ride-hailing giant has watched its sales growth dwindle this year, despite an expensive attempt to promote its global expansion. It’s not the kind of thing you want to see from a company at the forefront of “revolutionizing” the automotive sector, especially since so many automakers seem keen on copying aspects of its business model. Still planning on an initial public offering in 2019, Uber really could have used good news. However, according to figures released on Wednesday, revenue growth of 38 percent in the third quarter half of what it was half a year ago. It’s also still largely unprofitable, but that has a lot to do with what’s on its plate right now. The ride-hailing company is currently working toward developing a traffic analytics program, a transport logistics management system, food delivery services, autonomous vehicles, and electric scooter rentals. That’s in addition to spending a fortune in the hopes it can break into new markets across the globe. According to Bloomberg, Uber released a limited set of financial figures on Wednesday, offering a glimpse into its food delivery business for the first time. Uber Eats generated… Read full this story
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