This virus is really a pain in the rear end. It’s slowing down our economy, it’s limiting our lifestyles and it’s even making the biggest leaders of rideshares? Dubious. Mighty dubious. Uber freight is really on the ropes this time as their quarter results are so much stronger than last year’s. But will this improvement, however vast, fit inside the current plan for Uber’s infrastructure? It’s not yet to be seen. Their revenue alone went from 32% in the third quarter of last year to way more this year. (Specifically speaking, from $218 million to $288 million.) This is really the future for Uber’s freight division. But again, are they being wise about all of this? Who’s to say?
Likely, Uber Freight Chief of Financial Operations Nelson Chai. During an earnings call, he and Chief of Executive Operations Dara Khosrowshahi were under the gun to regard the question, only a little less than a month ago. This somehow occurs in spite of the company raising $500 million, courtesy of the Greenbriar Equity Group. This then shifts the valuation of the digital brokerage at nearly $3.3 billion.
Chai makes mention that while the similar usage of technology tends to overlap in utilization by Delivery and Mobility, that Uber Freight isn’t quite as consumer-facing as it’s bigger sister.
Furthermore, Chai had this to say “We believe it will allow us to fund Freight until it’s profitable.”
This earnings call was a big deal for Khosrowshahi as he did mention that “We will go forward with other Prop 22-type laws.” This is an evident point of joy for Uber, seeming how the election would’ve redefined the industry more than the creators of the industry themselves.
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