Uber Records Eye-Dropping Profits That Will Be Reinvested in India
Uber is currently facing a lot of competition with India-based cab aggregator rival Ola, in Australia. However, the global leader in the ride-hailing market’s CEO, Dara Khosrowshahi, reportedly stated that the company will keep investing in its products and technology in emerging markets such as India and Middle East.
In an email sent to his employees, the recently appointed CEO stated that the company’s core business has been achieving well and saw the number of trips on the platform increase by 43% while bookings also rose by 55% to $11.3 Bn year-on-year. He further expressed that the company’s net revenue grew by 67% to reach $2.5 Bn while it was able to cut losses by half compared to the previous year.
We are deliberately reinvesting our profits. Even with these impressive results,...