Uber Hits Ten Billion Rides As Aggressive Growth Continues

Uber surpassed ten billion trips as of 10:12 PM GMT on June 10, the company said Tuesday, adding that the title of the ten billionth ride is officially split among 173 trips which started within those 60 seconds. The rides in question happened in 21 countries spanning five continents and some of them weren't regular Uber trips but also Uber Eats deliveries.

The milestone is a clear signal that Uber is still on the path of massive, startup-like growth, with the company doubling the number of its global rides in just over a year, having hit five billion completed trips in late May of 2017. Its maintained growth is the main reason why Uber still doesn't have any issues with raising money after eight years in business, even as it continues to burn through billions of dollars on an annual basis. As long as the company's revenue growth is outpacing its losses, both new and old investors will be prepared to continue financing its business despite a growing number of long-term bets the firm has been making in recent times, including a commitment to flying taxis.

The San Francisco, California-based company last raised money in late May, receiving $600 million at a $62 billion valuation, with its lifetime funding now sitting at nearly $22 billion, according to several industry trackers. Uber Chief Executive Officer Dara Khosrowshahi has been forthcoming about his ambition to take the company public in 2019 ever since being appointed to lead the world's most valuable startup last summer. Mr. Khosrowshahi's previous remarks on Uber's finances also suggested its core business will soon be profitable in most major markets but the company won't be targeting profitability for the foreseeable future as it continues pushing toward revolutionizing urban mobility. Ultimately, Uber won't be seeking to rival other ride-hailing service providers but the very concept of personal car ownership, some industry analysts believe.

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