Uber desperately needs rivals around the world to stop offering incentives to drivers and riders so it can do the same. For now, the more revenue the company makes the higher its losses will continue to be. 

There were no clues as to when this situation will come to an end in Uber’s first set of quarterly results since joining the public markets. In the three months to April, revenue rose by a fifth year on year to $3bn, but net losses doubled to $1bn.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.