Uber experiences slow growth in Q2 of 2018, Bloomberg

Uber, the ride-hailing company has revealed its financial growth for the second quarter of 2018 and it is not so impressive.

According to Bloomberg, Uber brought in $2.8 billion in revenue in the second quarter of 2018 which is a 51% increase year-on-year at the same time lost of $891 million, thanks to increased spending by the ride-hailing company. However, this is not a big loss if compared to last year when Uber lost $1.1 billion. But It’s still significant when compared to Q1 2018 ($304 million).

Uber’s huge spending and profit losses can be attributed to introducing new services and spending huge financial revenue on them like Uber Eats and autonomous car technology which are not proving exceptionally good for the company.

Read Also: Uber plans to merge with Careem

Uber’s current CEO Dara Khosrowshahi says “We had another great quarter, continuing to grow at an impressive rate for a business of our scale. Going forward, we’re deliberately investing in the future of our platform: big bets like Uber Eats; congestion and environmentally friendly modes of transport like Express Pool, e-bikes and scooters; emerging businesses like Freight; and high-potential markets in the Middle East and India where we are cementing our leadership position.”

Uber is one of the most highly valued private businesses in the world, with valuations fluctuating between $48 billion and $70 billion over the last three years. Uber is also planning to take its ride-hailing network to skies through UberAir. The company plans to launch these air taxis by 2023. The upcoming projects of the Uber also include electric scooters soon.

Moreover, Uber has officially announced its plans to open a lab in Paris to develop its flying taxi service. The centre will work towards developing a flying taxi service. Uber hopes to launch the futuristic flying taxi service by working on AI algorithms, airspace management system and traffic control system.