The ride-sharing service sees bookings more than tripling this year to about $11 billion, Reuters has learned, earning roughly $2 billion in revenue. Fred Katayama reports.
Uber growth at Uber. Reuters has learned the ride-sharing service sees its global bookings more than tripling this year to nearly $11 billion, then growing next year to more than $26 billion. Based on that data, Reuters calculates the company will generate roughly $2 billion in revenue this year. Uber would not comment. The fast-growing company has been valued by investors at $50 billion. IPOPremium.com president Francis Gaskins said, "That's 25 times revenue - what some high tech stocks used to get. Uber carved a new niche, grew and dominates that niche. That's what justifies it." The news comes as Uber faces allegations by California prosecutors that its background checks for drivers have failed to catch convicts. The company says its screening system has been as effective as those used by taxi companies. Uber has faced speed bumps overseas, such as strikes and demonstrations. Its Mexican drivers were attacked in a protest against Uber, which connects drivers to passengers with its smartphone app. It now operates in 57 countries, including India, where it just announced Friday new offering for passengers: free high-speed WiFi.