Uber is world famous for its transportation services and taking advantage of this fact it plans to become the WeChat of the West in this field. However, it has a key obstacle, Amazon which dominates the logistics sector. The taxi-hailing company may have been founded in 2009, but it went public in 2019 and just seven months ago posted operating profit of $1.1 billion for the first time. The success is due to Dara Khosrowshahi who took over as CEO in 2017 and called the profitability a “turning point” in the company’s history. By laying off workers during the quarantine period and cutting back on loss-making ventures – such as self-driving cars – it was able to present a sustainable and mostly profitable picture, which eased investors’ concerns about potential losses. “The big question for Uber, 15 years on, is how it will continue,” the Financial Times wrote in a related report, adding that the company is seeking to transform itself into the West […]
Source: News Beast
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