Nadya Eka Lestari
TechInAfrica — The head of Uber said this week that it is pinning its hopes on India, the Center East, and Africa for growth within the aftermath of increasing losses, which resulted in a plummeted share costs.
Uber has exited several markets, including China and Southeast Asia, to pare back losses. Since its public offering in May, Uber’s share price has tumbled some 30 percent, while the company lost $5.2 billion in the second quarter.
Nevertheless, the San Francisco-based firm faces tight competitions in Africa’s taxi-hailing app services with InDriver, Bolt, and Taxify. While in food delivery services, UberEats faces competitions with DailyDish and UCOOK, among others.
The firm’s representative, in a statement, said, “The profitability characteristics of our business here are improving. If I look at Uber’s growth over the next 10 years, it’s… going to be defined by India, Africa, and the Middle East, more so than the developed markets.”
The corporate also expects long-term progress alternatives for its trip and on-line food-delivery companies in these markets, due to the big and rising city inhabitants. Accordingly, Uber took a collection of main steps to strengthen its place in India and the Center East. Final 12 months, the ride-hailing firm mentioned it might improve its investments in India, whereas in March this 12 months, the corporate agreed to amass its Dubai-based rival Careem.
However, the firm laid off 350 employees throughout the globe this month, a part of its third spherical of lay-off this 12 months, because it tries to map a path to profitability. The layoffs are anticipated to influence the corporate’s companies in India, together with its on-line food-delivery unit – UberEats.
Meanwhile, Uber’s third-quarter results will be released in two weeks.
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Source: heraldpublicist.com
