Uber has now lost a cumulative $14bn since its inception
Uber has made getting from A to B a simple matter for its customers. An affordable taxi ride is no further away than a tap on a smartphone screen. Investors in the firm, which floated on the stockmarket in May, are strapping in for a more tumultuous and uncertain journey—the one to profitability. Uber’s latest quarterly results, published on August 8th, show that their desired destination is still a long way off. A quarterly loss of $5.
Uber relies on rapid growth to keep investors happy. And though gross receipts from providing rides grew by nearly a third in the quarter compared with a year ago, the cash that is passed on to Uber after drivers take their cut grew by just 14%, the lowest ever for any three-month period, as competition for passengers holds down fares.
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