• Wintana Zerai

Chai, Take the wheel!

In recent months, Uber sales have been slipping. Ahead of its IPO later this year, their

recent self reported financials have exposed a significant decline in sells. The report revealed

$3 billion in revenue in the fourth quarter, which means they only had a 25% year-over-year

increase in sales in the fourth quarter. Compared to the 38% year-over-year sale growth in the

third quarter, and the 70% increase in the first quarter it’s clear that Uber has been struggling

recently.

This could be a cautionary sign for Wall Street, especially as they prepare for an

IPO that is valued at $120 billion. Despite the low numbers, Uber CFO, Nelson Chai, is

maintaining his optimism for the future of its IPO. Due to new services such as e-bikes and e-

scooters, as well as Uber Eats becoming the largest food delivery business outside of China,

Chai believes that revenues will return with a swift recovery.

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