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Uber’s Business Is Getting Crazy

It really doesn’t matter what accusations had been made so far against Uber, its business has not stopped from making money. Actually, it has posted almost $1.75bn worth of revenue in the last 3 months. Also, the ride sharing has increased to 150%.

It means the most talked-about company in Silicon Valley has been apparently unscathed by the unprecedented series of scandals that have engulfed the company in 2017.

The rumor is at the moment, former General Electric boss Jeff Immelt is trying to get into Uber as the chief executive. But the company is also looking for a chief operating officer, chief financial officer and president, among others.

Even though because of the pressure given by the board members, Travis Kalanick had to resign, was still in charge for most of the second quarter, and so it remains to be seen how the company has truly been affected by the turmoil at the top.

In Uber’s boardroom, in-fighting has taken a dramatic recent turn, with major investor Benchmark Capital suing ousted chief executive Travis Kalanick. Benchmark accuses Mr. Kalanick of fraudulently filling Uber’s board with loyal associates, paving the way for his return as chief executive.

In retaliation, other board members called for Benchmark to booted out.

And while still by far the world’s dominant ride-sharing platform, the firm’s market shared is being squeezed in cities with significant competition, mostly from Lyft.

Analysis by The Information showed that in places with “high concentrations of technology employees”, who were more likely to be following Uber’s woes, use of Lyft instead of Uber had increased considerably.

But overall, these figures represent Uber’s staying power. The service has cemented itself globally as an indispensable part of many people’s everyday lives and, despite it all, shows no sign of being in trouble.

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