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
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.