Uber has reached the next significant milestone along it business and has become profitable in the US. On the other hand though, it has continued leaking huge amounts of money in China, every year.
While speaking to Canadian publication Betakit on a variety of topics, Uber CEO, Travis Kalanik remarked on the fact that his company was now actually generating profits in the US. Although he did not elaborate on the topic and we are trying to dig up data upon exactly when this event took place.
Speaking on the topic of China, Kalanik said that fierece competition from other players meant that Uber was losing money. Without mentioning any names, her also remarked upon Chinese cab aggregator Didi Kuaidi’s attempts to push Uber out of the country.
We have a fierce competitor that’s unprofitable in every city they exist, but they are buying up market share.
Adding that this attitude from competitors was what forced Uber to delve deeper into fundraising on its own.
I wish the world wasn’t that way. I prefer building rather than fundraising. But if I don’t participate in the fundraising bonanza, I’ll get squeezed out by others buying market share.
The company has been doing pretty well in that department though and has raised funds in excess of $9 Billion.
As for the future, while the current year itself may see the company go public for the first time ever, Uber also has self driving cars on its agenda and is at work acquiring them.