International

Uber May Hit $10.8B In Bookings This Year

Uber Technologies is on pace to log $10.8 billion in global bookings this year, up three times over last year’s tally, and could reach $26 billion in 2016.

Reuters reported Friday (Aug. 21) that the bookings projections were part of a presentation geared toward potential investors. The presentation, which Reuters said had been prepared by Chinese banking professionals with input from the company itself, had been targeted to a fund in Uber’s Series F financing.

Given the fact that Uber keeps 20 percent of revenues as bookings, a calculation would imply an Uber revenue of about $2 billion this year.

The newswire reported that the company had no comment on what it termed “rumor and speculation.”

The presentation — undated, though disclosing data through June of this year — gives investors insight into the ride-sharing company, which has been valued at as much as $50 billion. The presentation has data that showed bookings at $2.9 billion in 2014, a big jump from $688 million in 2013.

With continued momentum and commitments to invest in China and India, the presentation disclosed that Chinese financial firms, including the state-owned China Life Insurance and China Taiping Insurance, invested in the company within the past year. And in recent news, Tata took a stake in Uber within the past few weeks.

The presentation also said that there could be an initial public offering of Uber Global within the next year and a half to two years.

As Reuters reported, the slideshow did not disclose the bottom line performance of Uber, though it is “widely believed” that the company is losing money, in part due to incentives it offers drivers in emerging markets, such as India, in order to compete against larger firms as it looks to grow market share.

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