Operations

Uber CTO Says Profits Still Years Away

News Reports
Posted on July 10, 2019
Will Uber ever make money? (Photo via Unsplash user Humphrey Muleba)

Will Uber ever make money? (Photo via Unsplash user Humphrey Muleba)

Uber will take at least "a few years" to become profitable, according to one of the ride hailing firm's top executives.

The industry right now "is very competitive," Uber's chief technology officer Thuan Pham said at a tech conference in Hong Kong on July 9. "We have local competitors everywhere trying to aggressively expand to grow their business, and we have to compete vigorously."

Uber is fending off rivals like India's Ola and China's Didi Chuxing in many of the 700 cities where it operates, and holding onto top spot in the market often means dropping prices.

CNN Business article here

Related Topics: corporate business, finance, profits, TNCs, Uber

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