Cab riding Major, Uber Technologies has slashed its losses to almost half as its ride bookings have jumped 51 percent since last year, the Silicon Valley ride company reported on Wednesday showing that its business hasn’t slowed down despite its retreating from the overseas market.
The Cab Aggregator has also reported a one-time gain of $2.5 billion, a majority of which has come from its business sale to Russia and Southeast Asia.
Meanwhile, the company is also spending heftily including to expand its on-demand ride business while preparing for an IPO. Interestingly, Uber has said that it would look for secondary share sale for employees and existing investors valuing the company at “$62 billion”
A new investor Coatue Management and existing investors Altimeter Capital and TPG will reportedly purchase $600 million of stock at $40 a share. The transaction is likely to happen in the last week of June as informed by Uber.
CEO Dara Khosrowshahi said, We are off to a terrific start in 2018. We plan to reinvest any over perfomance even more aggresively this year, both in our core business as well as in our big bets like Uber Eats globally.
Even in terms of smaller global perspective, Uber has risky and expensive efforts under its operations including its autonomous car unit that has been subjected to scrutiny after a self-driving SUV hit a woman in Arizona. Uber has also suspended its self-driving services in Arizona while continuing testing vehicles in California and Pittsburgh, Pennsylvania.