Uber: On the way to Becoming a Super app
Uber is widely known as a leader in passenger transport services and for being the second largest player in food delivery. However, many are less familiar with the company's successful strategy and future plans to launch a Super App. This year, the company's entry into the black triggered an impressive stock market rally of nearly 100%. On Thursday (September 28), CEO Dara Khosrowshahi spoke at the Skift Global Forum in New York , explaining that the company is no longer growing at any cost and plans to keep costs low and increase its reach by...
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On Thursday (September 28), CEO Dara Khosrowshahi spoke at the Skift Global Forum in New York , explaining that the company is no longer growing at any cost and plans to keep costs low and increase its reach by adding travel products to its offerings. The company is working to create an Uber super app that will bring a wide range of services under one roof. In addition to the well-known passenger transport services, it will also offer food delivery, shopping and travel.
Khosrowshahi explained, "Our ambition is to become the first port of call for consumers. Over time, we\'ve watched consumers become more engaged in our ecosystem because we have comprehensive information about them - from detailed payment data to knowledge about their location and travel destinations." Uber\'s new targeted ads business recorded more than $650 million in revenue last quarter and is targeting $1 billion next year.
In one of its key markets, the U.K., Uber is currently testing travel products after finding that 700 million rides with Uber are taking place outside of customers\' home markets. The initial results are extremely promising. For example, 60% of UK customers who booked buses or trains via Uber have already repeated their bookings, with 30% of airline users doing the same.
Khosrowshahi added, "We have this huge audience in the travel sector, and we strongly believe that at this point in time, it\'s a great opportunity for us to market travel products in collaboration with partners. We\'re very excited about the future of travel at Uber."
Uber is taking mobility one step further. Uber Freight uses advanced technology, including AI-driven software, to transform the logistics industry. These ambitions are exemplified by its strategic $2.25 billion acquisition of Transplace, demonstrating Uber\'s determined commitment to the future of freight logistics. Currently, Uber Freight manages freight volumes worth an impressive $18 billion.
The bottom line is that the carride market is expected to grow by an impressive 19.2% through 2030, while the grocery delivery market will see an annual growth rate of 18.7%.n many countries, particularly the U.S. (with a 76% market share for Uber compared to 24% for Lyft), Uber has achieved an unchallenged leadership position in the passenger transport market. Analysts forecast significant earnings growth in the coming years. The P/E ratio is expected to shrink from 145 in 2023 to 48 in 2024 and 26 in 2025, accompanied by a steadily declining P/S ratio from 2.5 in 2023 to 2.1 in 2024 and 1.8 in 2025. This outlook indicates promising potential for investors.
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