Net revenue was up more than 50 percent since last year, to $2.7 billion, but it may be slowing from the previous quarter, when revenue was up by nearly 70 percent year-over-year, CNBC reported. CNBC also reported that Uber is on track to hit $10 billion in revenue this year. The ride-hailing company has spent the past year repairing its image after chief executive Travis Kalanick departed following high-profile gaffes and an investigation into the company’s “bro” culture.
Chief executive Dara Khosrowshahi has sustained the company’s growth-minded spending in areas like Uber Eats and bike-sharing service Jump, describing these moves as “big bets” to CNBC. Much of the company’s losses are attributable to its self-driving-car unit, which The Information reported accounts for as much as 30 percent of Uber’s quarterly losses over the past 18 months.
As a privately owned company, Uber is not required to publicly disclose its earnings but provides the information to investors. The company plans to go forward with its initial public offering by the end of 2019, according to the New York Times, at which point earnings will be released publicly.
Uber did not respond to requests for comment.