Despite New CFO, Uber's Fate Still in Contention
After a three-year search, ride-sharing sweetheart Uber has found a new Chief Financial Officer, but the fate of a company that has lost nearly $11 billion since 2009 is still uncertain.
As a private company, Uber doesn't release public information, unless they want to. And depending on who you ask, the valuation of the company will change but a string of consistency reveals losses in nearly every quarter. Basically, the Silicon Valley wunderkind took $7.3 billion in cash, nabbed a $62 billion valuation - after having a rarely profitable quarter thanks to selling operations in Asia and Russia - and then proceeded to lose nearly $1 billion every year-over-year.
And to make matters worse, Uber is marching towards an initial public offering in 2019, but we will get to that in a minute.