Today we’re looking into Uber’s bike bet and what the push could mean for Lime and other micromobility companies working to find a sustainable business model.
In its most recent quarter, for example, Uber’s ride-hailing segment generated $2.86 billion in adjusted net revenue.
“We have seen how beautifully it works with our core business and ride sharing, and want to invest more and deeper, especially in Europe.” Uber claims adoption of Jump’s bikes and scooters in Europe has outpaced that of the U.S. in the last eight months.
Of course, even if Uber quadrupled its Other Bets income (which includes more than just micromobility dollars), the segment would only add up to around 4% of its Rides adjusted net revenue (using the company’s Q3 figure for reference.) Growth, however, is growth, and investors love a story.
Uber is not the only company that wants to make bikes and scooters work at scale.