Uber Reports Earnings, Shrinks on Losses Ahead of IPO
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 wil...