In meetings with investors in recent days, Uber bosses gave no indication when they expected to make a profit.
two years ago, is not shy about his ambitions. He wants Uber to be seen as an Amazon.com for transport — a company that may have started out in ride-hailing but that is bent on changing the sector as a whole, just as Amazon extended its reach throughout e-commerce and logistics.
Khosrowshahi has tempered Uber’s confrontational, winner-take-all style. It is no longer intent on destroying competitors or fighting with regulators. But his strategy still depends on “winner takes most,” a belief that the ride-hailing company with the largest market share will walk off with a disproportionate chunk of the industry’s profits.
It did not help that just as Uber was lining up its long-awaited IPO, its business hit a wall. Quarter-over-quarter growth rates that had been running at nearly 20% two years ago fell to between 6% and 7% last year before plunging to around 1% to 3% in the last two quarters. Another warning sign for investors is that the “network effects” that are supposed to underpin Uber’s business — making the service more valuable the more people use it — have not turned out to be as strong as the company hoped. Drivers and riders can use multiple apps at the same time, making it difficult for any one network to get an edge.
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