Uber's self-driving unit is losing millions. "Sell up" say investors

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A report in Reuters has revealed investors in Uber Technologies Inc have told those at the ride-hailing giants that it would be wise to sell off its self-driving car unit. Tech news site The Information, cited an unnamed person as the source to the claims. Uber's self-driving unit racked up losses of $125 million to $200 million for each quarter for the last year-and-a-half. Uber released today its second quarter financials which showed a slowdown in net revenue and bookings growth. Although growth has slowed down, the controversial Silicon Valley firm are still on track to hit more than $10 billion in revenue this year. According to a report in CNBC, Uber's self-driving unit is contributing to 15% to 30% of Uber's overall quarterly losses. Uber have invested big in other markets, such as their food delivery service "UberEats" and its "e-bikes" and "scooter" lines. Uber hope to push forward with an IPO in 2019.

August 15, 2018 at 10:42PM https://ift.tt/2ufVjKI Michael Murphy THESE POSTS ARE NOT OUR ENDORSEMENT