Uber is spending like crazy to take over the world
Uber's been going around showing its financials to investors as part of its continuous fund-raising, and reports in Bloomberg yesterday and The Information last week have revealed some of that information to the public.
Assuming the reports are correct, Uber grew its losses faster than its net revenues between 2014 and the first three quarters of 2015. Revenues were up 134%, to 1.161 billion, while losses grew 151%, to 1.684 billion. This was also the case between Q1 and Q2 2015, although it was reversed between Q2 an Q3 2015. (Net revenues are what the company keeps after paying fees to drivers. Gross revenues, or bookings, are much higher.)
The takeaway? Uber is still in expansion mode. The company and its investors are betting that ride-sharing is a winner-take-all or winner-take-most market, and are willing to spend billions to fuel expansion in hopes that an eventual near-monopoly will reap great returns. That's how it seems to have worked for Amazon, although as Bloomberg pointed out, Amazon lost $1.4 billion on $2.8 billion in revenue in its worst quarter ever in early 2000, and Jeff Bezos cut staff by 15% as a result.
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