Uber Technologies, whose losses have piled up in the quest for growth around the world, will be profitable in three years as its ride-hailing business matures and the company reaps the rewards from investments in areas such as autonomous vehicles, its chief executive Dara Khosrowshahi said.
Bending the company’s financial trajectory out of the red would be a dramatic shift for the global ride-hailing service that loses billions of dollars a year. Speaking to Bloomberg at the World Economic Forum in Davos, Mr Khosrowshahi said that even as the company would continue to be aggressive about expansion, it’s finding ways to be more efficient.
While Mr Khosrowshahi didn’t give a specific time frame, he said "we’ll be profitable before 2022."
The core ride-sharing business can be profitable “within three years," he said, while also cautioning that "we will continue to make very aggressive investments."
During the third quarter, the company lost US$1.46 billion, up from $1.06bn during the previous three-month period.
Almost six months into his tenure leading Uber, Mr Khosrowshahi is attempting to reverse what has been an unprecedented time of turmoil. The company is facing various government investigations, allegations of sexual harassment and increasing competition from rivals around the world. Mr Khosrowshahi said his goal for 2018 is to "get back to normalcy" after the challenges left by former chief executive Travis Kalanick.
"Breakneck growth can hide cultural issues," he said.
Mr Khosrowshahi said the company was investing heavily in autonomous driving technology and that it would begin adding the cars in some cities within 18 months. The vehicles will at first only carry passengers on select routes, then it will expand over time as the software and mapping systems improve.
The company is also developing vehicles that will fly people to certain destinations within cities that Mr Khosrowshahi predicted will be available for customers within 10 years.
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Mr Khosrowshahi has said he wants to take Uber public as early as next year, a process that would open the company’s financial performance up to more scrutiny. The company recently finalised a deal that makes the Japanese technology conglomerate SoftBank Group its largest shareholder.
Rajeev Misra, a SoftBank executive joining Uber’s board, suggested in a recent interview with the Financial Times that Uber focus on core markets such as the US, Europe, Latin America and Australia. In the interview at Davos, Mr Khosrowshahi disagreed, saying the company would be "leaning forward" to expand.
Since taking over as CEO last summer, Mr Khosrowshahi has been on a charm offensive to improve the company’s image. He said the company must work more closely with regulators rather than the more combative approach it took with Mr Kalanick.
The technology industry will face more scrutiny, especially as it brings about changes to transportation and other areas affecting people’s safety, Mr Khosrowshahi said. Regulation is "appropriate," he said.
The Uber CEO said he was originally more skeptical of driverless cars, but that he’s been won over. He predicted the technology is advancing so quickly that a child born today won’t need to learn to drive. He noted the general public still has to grapple with the impact of the technology, particularly when there are accidents. While he said traffic fatalities will fall, companies such as Uber will be held responsible when there are collisions.
Mr Khosrowshahi said he’s been working to change Uber’s boorish corporate culture. He commended former Uber engineer Susan Fowler, who wrote a blog post about the company’s sexist culture that led to an investigation at the company and a broader debate about the treatment of women in Silicon Valley and business. He called the fallout "difficult," but "one of the best things that happened at Uber" because of the changes it brought about.
Uber said Tuesday it hired Bo Young Lee as chief diversity and inclusion officer from insurance provider Marsh & McLennan, a move first reported by technology website Recode. At Davos, Mr Khosrowshahi said the company still has work to do to make its culture more welcoming for women.
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
COMPANY%20PROFILE
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
UAE WARRIORS RESULTS
Featherweight
Azouz Anwar (EGY) beat Marcelo Pontes (BRA)
TKO round 2
Catchweight 90kg
Moustafa Rashid Nada (KSA) beat Imad Al Howayeck (LEB)
Split points decision
Welterweight
Gimbat Ismailov (RUS) beat Mohammed Al Khatib (JOR)
TKO round 1
Flyweight (women)
Lucie Bertaud (FRA) beat Kelig Pinson (BEL)
Unanimous points decision
Lightweight
Alexandru Chitoran (ROU) beat Regelo Enumerables Jr (PHI)
TKO round 1
Catchweight 100kg
Marc Vleiger (NED) beat Mohamed Ali (EGY)
Rear neck choke round 1
Featherweight
James Bishop (NZ) beat Mark Valerio (PHI)
TKO round 2
Welterweight
Abdelghani Saber (EGY) beat Gerson Carvalho (BRA)
TKO round 1
Middleweight
Bakhtiyar Abbasov (AZE) beat Igor Litoshik (BLR)
Unanimous points decision
Bantamweight
Fabio Mello (BRA) beat Mark Alcoba (PHI)
Unanimous points decision
Welterweight
Ahmed Labban (LEB) v Magomedsultan Magomedsultanov (RUS)
TKO round 1
Bantamweight
Trent Girdham (AUS) beat Jayson Margallo (PHI)
TKO round 3
Lightweight
Usman Nurmagomedov (RUS) beat Roman Golovinov (UKR)
TKO round 1
Middleweight
Tarek Suleiman (SYR) beat Steve Kennedy (AUS)
Submission round 2
Lightweight
Dan Moret (USA) v Anton Kuivanen (FIN)
TKO round 2
