Uber was born in 2009, when Travis Kalanick and Garrett Camp developed a smartphone app that enabled individuals to call a taxi. The company received its first major funding in 2010 – raising more than $1.25 million. A year later, Uber was launched internationally.
By 2014, taxi drivers from around the world were demonstrating against the unfair competition they believed Uber was creating. Uber remained resilient during this time, launching its popular UberEats offering.
More troubles were headed Uber’s way when rumours of a sexist work culture emerged in 2017. Further, it was being sued by Alphabet for allegedly stealing self-drive technology insights. Tensions were rising, and Kalanick resigned in the same year. Dara Khosrowshahi was appointed CEO of the business.
Uber has seen massive growth over the past few years – it has a presence in more than 60 countries and 400 cities. Its growth is also evident in its financial performance. Revenue for 2018 demonstrated a 43% year-on-year increase, while gross bookings were up 45%.
Uber listed in in 2019, floating at $45 a share. However, it faced tough market conditions on its first day of trading, closing at $41.57 This was mostly due to the Dow Jones’s reaction to President Trump’s commentary on the US-China trade agreement. Khosrowshahi stated that he is not concerned about the company’s valuation, and that the focus is on retaining its market share.
