Uber to accept Cryptocurrency Bitcoin as payment?
Uber Technologies Inc. will one day join the likes of Microsoft Corp. by accepting Bitcoin as a payment option on its app. Dara Khosrowshahi, the chief executive officer, said Uber will accept cryptocurrencies “at some point” in the future. “This isn’t the right point,” he said Friday in an interview on Bloomberg Television.
Khosrowshahi cited the cost of exchanges, which can carry high transaction fees, and the environmental impact of digital mining on the energy grid as reasons for why Uber has not yet incorporated the technology.
“We’re having conversations all the time,” Khosrowshahi said. “As the exchange mechanism becomes less expensive and becomes more environmentally friendly, I think you will see us leaning into crypto a little bit more.”
Uber Technologies Inc. said it expects $5 billion of adjusted earnings by fiscal 2024, signaling that the ride-hailing giant’s recent profitability milestone will persist over the long-term.
“We now have the musculature and the data structures where we are effectively able to cross our audience through a number of different experiences,” Chief Executive Officer Dara Khosrowshahi said at an investor day on Thursday.
The shares fell about 2.5% Thursday in New York, reversing gains made in late trading Wednesday after the company reported quarterly earnings.
Uber sees gross bookings reaching $165 billion to $175 billion by 2024 and expects to be cash flow positive by the end of this year, Chief Financial Officer Nelson Chai said.
The company also said its advertising business is still in its “early days” but projected that the segment would reach $1 billion in gross bookings by 2024.
Atlantic Equities analyst James Cordwell said Uber’s guidance was basically in line with analysts’
Read more on tech.hindustantimes.com
