Uber according to recently reports have initiated a new market strategy of delivering food and bikes to individual homesteads and area of comfort. According to the global taxi application and the companies financial reports, the companies income rose to $2.7 million considering its final year quarter. This was considered a raise of about 51% of the previous quarter. This sum was calculated after all the cost incurred on paying drivers, repairs and other miscellaneous costs.
Nevertheless, the expansion of the company on food delivery on bikes and Uber foods has kicked in losses and this has grown rapidly over the previous quarters. Ubers business on food delivery has however rapidly introduced consequent losses. According to Uber chief executive Dara Khosrowshahi said that, the company nevertheless considering the losses it has suffered on this new plan of food delivery, the company is at the moment growing at an impressive rate.
Dara khosrowshahi continued in his statement by saying that considering the impressive scale rate by which the company is growing on the food delivery and Uber eats. He added that, according to the company, this is a big bet like the Uber Eats and environmentally friendly and more so congestion on the existing modes of transport like the Express Pool, and the existing scooters which are commonly used in emerging businesses like Freight and more so high-potential markets who exist in the Middle East and India at large where the company is primarily cemented on leadership position.
From previous reports in California, Dara khosrowshahi stated that Uber eats and food delivery services at large had grown to near $6 billion orders and booking within the year. And this according to the companies analysis was hitting a 200% growth annually.
Nevertheless, reports from the company show that the company currently is under pressure considering that the company wants to release a certain portion of shares to the general at large. According to the companies analysis, this share will not only boost the companies profit but also will bring in extra and passive income for the company for a long time. This will boosts the companies income to much more high values before the end of the year.