Project F

Business Management
Internal Assessment - Research Project

Sustainability: “To what extent can Uber rely on its current growth
strategies to reverse its operating losses in the long run?”

Word Count: 1772

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Chapter 1: Introduction. 1
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Chapter 2: Analysis and Discussion. 3
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Chapter 3: Conclusion 13
Bibliography 14

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Introduction
Uber, an American multinational, ride-hailing company founded in 2009,
holds today a diverse product-services portfolio: peer-to-peer ridesharing, ride service
hailing, food delivery and micro-mobility.1 Uber is a two-sided online marketplace,
connecting drivers (suppliers) with passengers (customers), being both its customers,
so business needs to stimulate mutual demand.2 Its platforms are accessible via its
websites and mobile apps. ^ On trip request submission, drivers are automatically
notified on customer’s location and destination and customers on distance and fare. 4

Drivers, paid 75-80% of the ride’s fare, are independent contractors, not employees.
Uber doesn’t own cars; instead, its contractors bring their own.5In 2017, Uber was
towards worldwide domination 6, operating in 785 metropolitan areas7 and was among
the fastest growing Silicon Valley startups. Uber has a different Product(Service) Life
Cycle for different markets, but generally belongs to the growth stage due to its
exponentially growing Sales Revenue. Inspite over a decade and the growth strategies,
Uber hasn’t yet achieved profitability. Therefore, this research project will investigate
Uber’s economic sustainability : “To what extent can Uber rely on its current growth
strategies to reverse its operating losses in the long run?”

'Supporting document 4: "Uber Announces Results for Fourth Quarter and Full Year 2019." Uber Technologies, Inc. -
Uber Announces Results for Fourth Quarter and Full Year 2019, 6 Feb. 2020, investor.uber.com/news-
events/news/press-release-details/2020/Uber-Announces-ResuIls-for-Fourth-Quarter-and-Full-Year-2019/.
"Supporting document 2: “How Uber Makes - And Loses - Money." CB Insights Research, 2017,
Retrieved February 17, 2020 from CB Insights: www.cbinsights.com/research/report/how-uber-makes-money/. ‘ibid
^Pocket-lint. "Whal Is Uber and How Does It Work?" Pocket, 12 June 2019, www.pocket-
lint.com/apps/news/uber/139559-what-is-uber-and-how-does-it-work
*Supporting document 2: "How Uber Makes - And Loses - Money." CB Insights Research, 2017, Retrieved February 17, 2020
fromCB Insights: www.cbinsights.com/research/report/how-uber-makes-money/.
°Supporting document 1: Carson, Biz. "Where Uber Is Winning The World, And Where It Has Lost.” Forbes, 2018,
Retrieved February 10, 2020 from Forbes:
www.forbes.com/sites/bizcarson/2018/09/19/where-uber-is-winning-the-world-and-where-it-has-
lost/#5b5a02d64d6e. "Uber." W kipedia, W kimedia Foundation, 17 Feb. 2020, en.wikipedia.org/wiki/Uber

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Methodology
This commentary will evaluate the sustainability of Uber and should Uber continue its
existing growth strategies for profitability. It is based on: A Forbes’s article about Uber
global dominance, including mergers with rivals, CB Insights discussing how Uber earns
revenue and runs expenses, charts and statistics mainly used from Buildfire and Uber
Investor and finally, a paper describing Uber’s growth failure in Netherlands. The extra
sources provided detailed charts and financial comparisons to rivals.

List of supporting Documents

Title of Supporting Documents Source Web Link

1.”Where Uber Is Winning The World, Forbes https://www.forbes.com/sites/bizcarson/2018/0

9/19/where-uber-is-winning-the-world-and-
And Where It Has Lost." where-it- has-lost/#5d900c9c4d6e

2.How Uber Makes -And Loses- Money CB Insights https://www.cbinsiqhts.com/research/report/ho

w-uber-makes-money/
3.Uber Revenue and Usage Statistics Buildfire https://buiIdfire.com/uber-statistics/

(2019)
4.Uber Announces Results for Fourth Uber Investor https://investor.uber.com/news-

Quarter and Full Year 2019 events/news/press-release-

detaiIs/2020/Uber-Announces-Results-for-
Fourth-Quarter-and-Full- Year-2019/
5.Institutional entrepreneurship in the ScienceDirect https://www.sciencedirect.com/science/article/p
platform economy: How Uber tried (and ii/S2210422418301631
failed) to change the Dutch taxi law

Tool Purpose

Ansoff Matrix to analyze and evaluate Uber’s current major growth

strategies

Revenue and Cost Analysis to explain Uber’s suffering from operating losses,

SWOT analysis to summarize the main internal and external factors affecting
the business corporate strategy and financial performance.

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Findings and Discussion:

Revenue and Cost

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Uber’s net revenue grew exponentially, the highest year-on-year growth of 106.2% (Table 2 )was
observed in 2017 in comparison to 2016. The rideshare model, eliminates the need for the business
to invest in physically buying / leasing vehicles, maintenance, parking etc, thereby reducing large
amounts of operational costs of fixed nature and this reduces the pressure on demand for natural
resources such as land.
Gross Profit margins are close to an average of 50% as the major variable expenses are the drivers
commissions. However, high platform, training costs and expenses, exceeding by far the revenues,
leading to losses.

Uber’s urgency to become economically sustainable in order to provide monetary gain to its
founders/shareholders/ investors (risk takers) continues is clearly evident.

8
Supporting document 2: “How Uber Makes - And Loses - Money." CB Insights Research, 2017,
Retrieved February 17, 2020 from CB Insights:
www.cbinsights.com/research/report/how-uber-makes-money/.
9
ibid
10
ibid
11
Supporting document 4: “Uber Announces Results for Fourth Quarter and Full Year 2019." Uber Technologies, Inc.
- Uber Announces Results for Fourth Quarter and Full Year Z019, 6 Feb. 2020, investor.uber.com/news- events/news/press-release-
details/2020/Uber-Announces-Results-for-Fourth-Quarter-and-Full-Year-2019/.
12
ibid
13
How Can a Company Lose $ 5.2 Billion in Revenue of $ 3.2 Billion? Uber Shows How." 2019,newsbeezer.com/how-can-a-company-
lose-5-2-billion-in-revenue-of-3-2-billion-uber-shows-how/

‘Sustainability Definition https://www.investopedia.com/terms/s/sustainability.asp

Macro Trends.net Updated Mar 30, 2021https://stockanalysis.com/stocks/uber/financials/

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Fig.2, created by the author, uses the formula: Net Profit = Sales Revenue—(Total Costs +
Expenses).12,13

A major issue of Uber’s profitability is that it is a two-sided market, which suggests that drivers’ price
changes immediately affect riders. More drivers indicate lower fares for passengers; however,
expenses for upkeep of applications, marketing, training costs are rising, thus giving negative net
income and negative net income margins. The limitation of competing in both markets is that Uber
cannot reduce drivers‘ wages and charge passengers more. This denotes a relatively small profit
margin.14

Peter Cohan, Contributor at Forbes pens the problem with ride-sharing -- a so-called two-sided market
-- is that there are low barriers to entry and the switching costs are low on both the supply side -- the
drivers -- and the demand side -- consumers. As a result, the industry features "numerous players
offering virtually the same services. They are in a spending arms race to draw new drivers and
consumers, bidding up ads on Facebook and Google and forking out hefty bonuses to new drivers,"
according to the Wall Street Journal.15 Big brands often make pledges to sustainability, but it often
takes a long time to achieve sustainability goals.

14
Supporting document 2: "How Uber Makes - And Loses - Money.” CB Insights Research, 2017, Retrieved February 17, 2020
from CB Insights: www.cbinsights.com/research/report/how-uber-makes-money/.

15
Cohan Peter. 13 April 2019, Why Uber lacks a sustainable competitive advantage
https://www.forbes.com/sites/petercohan/2019/04/13/why-uber-lacks-a-sustainable-competitive-
advantage/?sh=692ed5fe2065

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Growth Strategy
Uber’s fundamental intensive external growth strategies are market development and penetration,
imperative in enabling it to increase its market share and sales revenue (Fig.2).

a) Market Penetration
Market penetration is the lowest risk growth strategy, compared to the other Ansoff matrix strategies,
because of not having to face the “unknown”. It helped Uber gain monopoly power in U.S. market.
Nevertheless, challenges still exist in the markets where its presence is consolidated. In the U.S., Uber’s
market share declined from 74% (2017) to 70% (2019) (Fig.3 16), so sales revenue is reducing in an ever-
increasing market.

The #DeleteUber campaign prompted hundreds of thousands of consumers to stop using the Uber

platform within days. Subsequently, Uber’s reputation was further harmed when an employee

published a blog post alleging, among other things, that we had a toxic culture and that certain sexual

harassment and discriminatory practices occurred in our workplace."16

16Cohan Peter. 13 April 2019, Why Uber lacks a sustainable competitive advantage

https://www.forbes.com/sites/petercohan/2019/04/13/why-uber-lacks-a-sustainable-competitive-advantage/?sh=692ed5fe2065

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The #DeIeteUber 2018-campaign became a predominant obstacle, reducing its U.S. population market
share to 8%. 17 Competitor Lyft, gained market share as a result of its perceived superiority over Uber
on the customer preference criterion. having its U.S. ride-hail market share of 28%, to Uber’s 70%
(2018), increasing to 35% (May 2018), from 20% in the fall of 2016, according to CNBC. 18

‘Uber is unprofitable because it lacks a moat -- a sustainable competitive advantage. Competitive

advantage is measured by profit share -- a company's share of an industry's profits. By this definition it
means that a competitive advantage is impossible if an industry lacks profitability. Based on the
financial results of Lyft and Uber, there are no profits to be had in the ride-sharing industry. For
instance, Lyft posted a $900 million loss in 2018 and Uber topped that with a $3 billion loss from
operations’.

16
Mazareanu, E. "U.S. Ride-Hailing Market Share 2019." Statista, 4 Feb. 2020 www.statista.com/statistics/910704/market-share-of-
rideshare-companies-united-sates/.

17
Supporting document 2: "How Uber Makes - And Loses - Money.” CB Insights Research, 2017, Retrieved February 17, 2020 from
CB Insights:www.cbinsights.com/research/report/how-uber-makes-money/.
18Supporting document 3: Blair, lan. “Uber Revenue and Usage Statistics (2019). ’ Business of Apps, 10 May 2019, Retrieved February 22,

2020 from Buildfire:www.businessofapps.com/data/uber-statistics/.

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b) Market Development
Market development is Uber‘s barebone strategy, demonstrated by its world-wide expansion (60
countries). It is of moderate risk, with the potential to increase market and customer base, thus
satisfying the higher sales revenue prerequisite, leading to profit. Monopoly power is a crucial
advantage, should Uber achieve its growth- strategy and become the market leader. Uber expands in
size, with a hope to enable economies of scale, and build a brand image could become the absolute
entry barrier for competitors in this industry, thus ensuring high market share. Globalization and
technological advancements (mobile app.) were crucial to Uber’s expansion. Nevertheless, Uber’s
product life cycle (growth phase) suggests huge expenses and no profits as yet.

This expansion strategy has limitations and challenges related to local interests, backed by state
regulations and stakeholder conflicts that bound its market development. Upon Uber’s app launch, the
regulatory institutions were overlooked. Uber wanted to adjust the existing taxi law to its own
services19, with drivers’ own cars, without an official taxi license. Therefore, the very competitive prices
can jeopardize the taxi industry, which complies with government regulations (permit, diploma, car
requirements)20. In Europe and Germany, Uber operates a very limited taxi service. Spanish taxi drivers
won by striking against ride-hailing companies. The Greek taxi industry with huge bargaining power
with the state and the BEAT mobile app. at the time (2018) were insuperable obstacles. In the
Netherlands, Uber’s incoherent approach to lobby for new regulations led to its services restriction
with licensed drivers only. 21 These conditions require capital expenditure (research development) and
can make the business unprofitable, e.g. Uber’s Southeast Asia business was sold to Grab (2016).22

19Supporting document 5: Pelzer, Peter, et al. “Institutional Entrepreneurship in the Platform Economy: How Uber Tried (and Failed) to

Change the Dutch Taxi Law." Environmental Innovation and Societal Transitions, vol. 33, 2019, pp. 1—12., doi:1 0.1016/j.eist.2019.02.003.
Retrieved February 25, 2020
20ibid
21ibid
22
Supporting document 2: "How Uber Makes - And Loses - Money.” CB Insights Research, 2017, Retrieved February 17, 2020
from CB Insights: www.cbinsights.com/research/report/how-uber-makes-money/.

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c) Other growth strategies

Uber-Yandex joint venture (2019) and acquisition of rival Careem (2019)24, might seem
a beneficial growth strategy, due to increased customer base, yet, could be
detrimental for profitability, since both are operating on losses.
The growth strategy and the challenges in every new expansion contribute significantly
to overhead costs. The penetration strategies through low prices to attract potential
customers and face the competition by local apps, and the promotion costs fueled
Uber’s expenses. Poor working conditions for employees, drivers’ dissatisfaction and
the 12.5% monthly labor turnover in 2018 (only 20% of drivers remain on Uber’s
platform after one year) increased recruitment and training expenses. Without driver’s
cost, Uber would save 75% /fare.25
The ride-hailing market is ever-increasing, meaning increasing industry’s total sales
revenue, businesses’ revenues and long term profits (Fig.4).26 Yet, major rideshare
companies are barely surviving (Didi, Grab and Lyft)27.

24Supporting document 1 : Carson, Biz. “Where Uber Is Winning The World, And Where It Has Lost." Forbes, 2018, Retrieved February 1 0,

2020 from Forbes: www.forbes.com/sites/Dizcarson/2018/09/19/where-uber-is-winning-the-world-and-where-it-has-

Iost/#5b5a02d64d6e

25Supportingdocument 2: “How Uber Makes - And Loses - Money." CB Insights Research, 2017, Retrieved February 17, 2020 from CB
Insights:www.cbinsights.com/research/report/how-uber-makes-money/.

26Supporting document 3: Blair, Ian. “Uber Revenue and Usage Statislics (2019)." Business of Apps, 10 May 2019, Retrieved February 22,

2020 from Buildfire: www.businessofapps.com/data/uber-statistics/.

27Supportingdocument 1 : Carson, Biz. “Where Uber Is Winning The World, And Where It Has Lost." Forbes, 2018, Retrieved February 1 0,
2020 from Forbes:
www.forbes.com/sites/bizcarson/2018/09/19/where-uber-is-winning-the-world-and-where-it-has-Iost/#5b5a02d64d6e

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Product diversification is Uber’s new growth strategy for achieving profitability.

Focusing more internally and making services more innovative and efficient, e.g
implementation of Uber Air (2023)28, can lead to prosperity.29

Concluding, Uber’s market share and overall growth face many challenges globally and
the growth strategies contribute significantly to overhead costs, harming profitability.
Yet, focusing internally suggests a business model that, based on innovation, could
bring long-term profitability.

Hawkins, Andrew J. "Hyundai Will Make Flying Cars for Uber's Air Taxi Service." The Verge. The Verge, 6 Jan. Z0Z0,
28

www.theverge.com/2020/1/6/21048373/hyundai-flying-car-uber-air-taxi-ces-2020.

29
Supporting document 4: "Uber Announces Results for Fourth Quarter and Full Year 2019." Uber Technologies, Inc.
- Uber Announces Results for Fourth Quarter and Full Year 2019, 6 Feb. 2020, investor.uber.com/news- events/news/press-
release-details/2020/Uber-Announces-Results-for-Fourth-Quarter-and-Full-Year-2019/.

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S.W.0.T Analysis
The S.W.O.T analysis is necessary to summarize the weaknesses needed to be
addressed and identify potential market opportunities or threats before deciding
on the best strategy.
Strengths Weaknesses
1. First mover advantage30 1. High labor turnover37
2. Widely known31 2. Public image: immoral worker
3. Favorable view among core users in both markets 32
conditions38
4. High demand due to low, competitive prices33 3. Easily imitated (just an app.)39
5. Innovation34 4. Unpredictable business model
6. Growth in other types of transportation 35

7. Self-driving cars36

Opportunities Threats
1. Growing ride-hailing market40 1. Low barriers to entry43
2. Taxi-Riders’ dissatisfaction due to high prices and 2. Rising competition from other ride-hailing
business models of sharing economy44
waiting time41
3. More drivers mean less pickup time42 3. Conflicts with local authorities45
4. New unfavorable legal reguIations46

Supporting document 2: "How Uber Makes - And Loses - Money." CB Insights Research, 2017, Retrieved February 17, 2020 from
30

CB Insights: www.cbinsights.com/research/report/how-uber-makes-money/.
31
Supporting document 3: Blair, Ian. "Uber Revenue and Usage Statistics (2019)." Business of Apps, 10 May 2019, Retrieved February
22, 2020 from Buildfire: www.businessofapps.com/data/uber-statistics/.
32
ibid
33
Supporting document 2: "How Uber Makes - And Loses - Money." CB Insights Research, 2017, Retrieved February 17, 2020 from
CB Insights: www.cbinsights.com/research/report/how-uber-makes-money/.
34
Supporting document 4: "Uber Announces Results for Fourth Quarter and Full Year 2019." Uber Technologies, Inc.
- Uber Announces Results for Fourth Quarter and Full Year 2019, 6 Feb. 2020, investor.uber.com/news-events/news/press-release-
details/2020/Uber-Announces-Results-for-Fourth-Quarter-and-Full-Year-2019/. 
35
‹„‹†
36
Supporting document 2: "How Uber Makes - And Loses - Money." CB Insights Research, 2017,
Retrieved February 17, 2020 from CB Insights: www.cbinsights.com/research/report/how-uber-makes-money/.
37,38,39
ibid
40
Supporting document 3: Blair, Ian. "Uber Revenue and Usage Statistics (2019)." Business of Apps, 10 May 2019,
Retrieved February 22, 2020 from Buildfire: www.businessofapps.com/data/uber-statistics/.
41,42
ibid
43Supporting document 1 : Carson, Biz. "Where Uber Is Winning The Woñd, And Where It Has Lost." Forbes, 2018, Retrieved February 1 0, 2020

from Forbes: www.forbes.com/sites/bizcarson/2018/09/19/where-uber-is-winning-the-world-and-where-it-has-Iost/#5b5a02d64d6e.

44‹„‹†

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From the SWOT Analysis it is concluded that Uber has the potential of being profitable.
Uber’s popularity among drivers and passengers and the high demand resulting from
fares’ competitive prices are factors that could boost its net profits. The ever-
increasing ride-hailing may suggest higher sales revenue. However, its high labor
turnover increases operating costs (drivers’ marketing and training). Nevertheless, with
innovation (self-driving cars) and internal growth 47, Uber has the potential of meeting
long-term profitability. Furthermore, the rising competition can slow down its growth
therefore reducing revenue and the different countries’ legalities have proven to be a
barrier that Uber sometimes can’t overcome.

45Supporting document Z: "How Uber Makes - And Loses - Money." CB Insights Research, 2017,

Retrieved February 17, 2020 from CB Insights:

www.cbinsights.com/research/report/how-uber-makes-money/.
46ibid

47Supporting document 4: "Uber Announces Results for Fourth Quarter and Full Year 2019." Uber Technologies, Inc.

- Uber Announces Results for Fourth Quarter and Full Year 2019, 6 Feb. 2020,
investor.uber.com/news- events/news/press-release-details/2020/Uber-Announces-Results-
for-Fourth-Quarter-and-Full-Year-2019/.

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Conclusion
Market development and penetration strategies can be beneficial for Uber expansion
leading to monopoly power, economies of scale, a greater customer base and benefits
from globalization. However, its current growth poses several threats worldwide,
except for the U.S., mainly regarding unfavorable legal regulations, conflicts with local
authorities and rising competition, therefore increasing operating costs. Consequently,
Uber should consolidate its market presence and scale back its operations48 signifying
the end of a growth era.49 Change may be due in Uber’s strategies could be a
resolution as suggested from the analysis. Focusing on internal growth strategies
through continuous innovation of new services, which fits Uber profile, since it has
already once enjoyed the first mover advantage. To conclude in the words of analyst
Peter Cohan, Uber's market share lead is a pyrrhic victory since the company is losing
money. The share prices of Uber could rise if it can grow revenues much faster than
investors expect. But since it competes in inherently unprofitable markets without
sustainable competitive advantage,50 its fate may be in danger.

48
Supporting document 2: "How Uber Makes - And Loses - Money." CB Insights Research, 2017,
Retrieved February 17, 2020 from CB Insights:
www.cbinsights.com/research/report/how-uber-makes-money/.
49Supporting document 4: "Uber Announces Results for Fourth Quarter and Full Year 2019." Uber Technologies, Inc.

- Uber Announces Results for Fourth Quarter and Full Year 2019, 6 Feb. 2020,
investor.uber.com/news- events/news/press-release-details/2020/Uber-Announces-
Resultsfor-Fourth-Quarter-and-Full-Year-2019/.

Peter, Cohan Why Uber Lacks A Sustainable Competitive Advantage

50

https://www.forbes.com/sites/petercohan/2019/04/13/why-uber-lacks-a-sustainable-competitive-
advantage/?sh=692ed5fe2065 Apr 13, 2019,04:36pm

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Bibliography

Supporting Documents

Blair, Ian. “Uber Revenue and Usage Statistics (2019).” Business of Apps, 10 May
2019, Retrieved February 22, 2020 from Buildfire:
www.businessofapps.com/data/uber-statistics/.

Carson, Biz. “Where Uber Is Winning The World, And Where It Has Lost.” Forbes,
2018, Retrieved February 10, 2020 from Forbes:
www.forbes.com/sites/bizcarson/2018/09/19/where-uber-is-winning-the-world-
and-where-it-has-lost/#5b5a02d64d6e.

“How Uber Makes - And Loses - Money.” CB Insights Research, 2017,

Retrieved February 17, 2020 from CB Insights:
www.cbinsights.com/research/report/how-uber-makes-money/.

Pelzer, Peter, et al. “Institutional Entrepreneurship in the Platform Economy: How

Uber Tried (and Failed) to Change the Dutch Taxi Law.” Environmental Innovation
and Societal Transitions, vol. 33, 2019, pp. 1—12., doi:10.1016/j.eist.2019.02.003.
Retrieved February 25, 2020

“Uber Announces Results for Fourth Quarter and Full Year 2019.” Uber Technologies,
Inc. - Uber Announces Results for Fourth Quarter and Full Year 2019, 6 Feb. 2020,
investor.uber.com/news-events/news/press-release-details/2020/Uber-Announces-
Results-for-Fourth-Quarter-and-Full-Year-2019/.

Other sources

“How Can a Company Lose $ 5.2 Billion in Revenue of $ 3.2 Billion? Uber Shows
How.” 2019, Retrieved February 20, 2020 from Newsbreezer:
newsbeezer.com/how-can-a-company-lose-5-2-billion-in-revenue-of-3-2-biIIion-
uber-shows-how/.

Mazareanu, E. “U.S. Ride-Hailing Market Share 2019.” Statista, 4 Feb. 2020,

www.statista.com/statistics/910704/market-share-of-rideshare-companies-united-
statue

Peter, Cohan Why Uber Lacks A Sustainable Competitive Advantage

https://www.forbes.com/sites/petercohan/2019/04/13/why-uber-lacks-a-sustainable-competitive-
advantage/?sh=692ed5fe2065 Apr 13, 2019,04:36pm

Pocket-lint. “What Is Uber and How Does It Work?” Pocket, 12 June 2019, Retrieved
February 09, 2020 from Pocket-lint:
www.pocket-lint.com/apps/news/uber/139559-what-is-uber-and-how-does-it-work.

“Uber.” Wikipedia, Wikimedia Foundation, 17 Feb. 2020, en.wikipedia.org/wiki/Uber

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Hawkins, Andrew J. “Hyundai Will Make Flying Cars for Uber's Air Taxi Service.”
The Verge, The Verge, 6 Jan. 2020,
www.theverge.com/2020/1/6/21048373/hyundai- flying-car-uber-air-taxi-ces-
2020.

Uber Technologies Financial Ratios for Analysis 2016-2021 |

UBERhttps://www.macrotrends.net/stocks/charts/UBER/uber-technologies/financial-ratios

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Supporting Documents

“To what extent can Uber rely on

its current growth strategies to
reverse its operating losses in the
long run?”

IB BUSINESS MANAGEMENT SL INTERNAL ASSESMENT

MAY 2020

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