The Uber IPO Is a Landmark
It’s not because the company actually makes any money.
Updated on April 12 at 7:30 a.m. ET.
Here’s a deeply strange thing about Uber, which publicly filed for its IPO today: The company has lost $10 billion from operations, just since 2016, and while riders have paid $79.4 billion for rides, many drivers attest that they can barely scrape together a living. So no part of the operation is a high-margin business, and yet Uber keeps growing and growing and growing.
The numbers in the company’s SEC filing are . Uber has deliveredPeople paid $41.5 billion for Uber rides in 2018 alone, up 32 percent from the previous year. Uber took $9.2 billion of that as revenue. The company had 3.9 million drivers in the last quarter of 2018.
