Earlier this year in April, Uber filed documents with the Securities and Exchange Commission to become a public company.
That was the first time the transportation giant disclosed their earnings to the public, where it reported a loss of billion since 2016.
Back then, Uber had made it clear that it was expecting to lose more cash as it continues its journey to increase their share in the ride-share market in paperwork.
True to their word, Uber has reported a loss of over billion in the last quarter.
Just the second time in reporting the company’s earnings since becoming a public company, this marks the company’s largest-ever quarterly loss.
Uber’s Current Scenario Currently, Uber has reported only a 14% increase in year-over-year in profits.
This has raised quite a few concerns about the company’s excruciatingly slow growth.