Uber's core business is still losing money, but its valuation has soared to $120 billion

Recently, Wall Street gave Uber a valuation of up to $120 billion. This valuation is twice that of Didi and eight times that of Lyft. At the end of August this year, Uber's valuation was still $72 billion.

Uber's valuation has grown so rapidly thanks to its profits in the first half of the year. Uber made a total profit of $1.565 billion in the first half of the year. Earlier this year, Uber sold its Southeast Asian and Russian businesses, which earned Uber an additional $3 billion in revenue.

This means that Uber will focus mainly on core markets such as North America and Europe.

Last year, Uber encountered scandals such as the departure of senior executives, sexual harassment, and alleged theft of trade secrets. This year, Uber has spent a lot of effort to improve its corporate image.

Uber paid $148 million in September to settle a massive data breach. Uber is also working to address issues such as traffic and safety. In September, Uber announced that it would invest $10 million over the next three years to promote sustainable transportation. At the same time, Uber reached a data sharing agreement with Ford and Lyft to promote the resolution of problems such as traffic congestion. This will not only enhance Uber's corporate image, but also help Uber's IPO financing.

Globally, Uber is still the undisputed leader in the online car-hailing industry. However, Uber is still losing money. Similarly, Didi, which has the largest market share in China, is also losing money.

Uber's business focus has gradually shifted from taxi-hailing to areas such as autonomous driving, shared bicycles, and electric scooters for food delivery.

Autonomous driving is the top priority of Uber's new business. In August this year, Uber received a $500 million investment from Toyota in the field of autonomous driving. Currently, Uber will invest at least $200 million in the field of autonomous driving every quarter.

Huge investments have enabled Uber to continuously improve its autonomous driving technology. In the future, Uber can choose to make its autonomous driving department independent. This will not only allow Uber to get rid of the negative news about autonomous driving, but also promote Uber's independent financing and increase Uber's overall valuation.

As a winner of Toutiao's Qingyun Plan and Baijiahao's Bai+ Plan, the 2019 Baidu Digital Author of the Year, the Baijiahao's Most Popular Author in the Technology Field, the 2019 Sogou Technology and Culture Author, and the 2021 Baijiahao Quarterly Influential Creator, he has won many awards, including the 2013 Sohu Best Industry Media Person, the 2015 China New Media Entrepreneurship Competition Beijing Third Place, the 2015 Guangmang Experience Award, the 2015 China New Media Entrepreneurship Competition Finals Third Place, and the 2018 Baidu Dynamic Annual Powerful Celebrity.