Saudi Arabia's sovereign wealth fund says Uber is 'totally different' to Lyft despite investor concerns over profitability.
Uber CEO Dara Khosrowshahi attends the Fortune Most Powerful Women Summit in Laguna Niguel, Calif., on Oct. 3, 2018.Uber has also been pitching itself to investors as a one-stop-shop for transportation, with a portfolio of different segments like electric scooters and bikes, self-driving cars, logistics and food delivery. Lyft can only tick two of those boxes — scooter and bike-sharing and self-driving.
Uber "has the market share in the U.S. and it has the market share all over the world and it's bringing some new services," Al-Rumayyan said. Al-Rumayyan's comments come amid worries that Uber could face the same fate as Lyft once it debuts its shares. Since its IPO in late March, Lyft's stock has lost over 20% because of worries over its lack of profitability.
Uber could face valuation comparisons in that respect, given that it is yet to generate a profit, and has also cautioned it may never become profitable. It made $11.3 billion in revenue last year, while still booking a $1.8 billion loss. Each morning, the “Beyond the Valley” newsletter brings you all the latest from the vast, dynamic world of tech – outside the Silicon Valley.
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