Uber Tops Expectations
CBJ — Ride-sharing company Uber Technologies had a strong third quarter with more people using its business-related services including Uber Eats, although the overall number of riders was down.
Despite the increased business-related traffic the company continues to lose money — much like its main rival Lyft.
Uber CEO Dara Khosrowshahi expects the company will realistically be able to turn a profit in the next two years.
Total revenue rose nearly 30% to just over $3.8 billion, beating financial analysts’ expectations of about $3.7 billion.
Another concern for Uber, Lyft and other like-minded companies is the growing pressure to pay drivers more money, which of course will directly impact the bottom line. It’s important to these types of companies that they hire respectable people in order to gain the trust of the public. However, better drivers command better incomes.