Business Insider reports that in Munich yesterday Uber CEO Travis Kalanick announced that Uber's revenue in San Francisco is far larger than that of the taxi industry here. What's more, it's possible that it's doubled since last year to $500 million.
It's common to question that much-prized $40 billion valuation of Uber's. How can one company have a larger market than taxis do? Kalanick says it happens to be the case right here by the Bay, with the whole taxi market here valued at just about $140 million per year.
Uber also announced that rides in San Francisco are growing three times per year, rides in New York are growing four times per year, and rides in London are growing five to six times per year.
But some, such as Fusion's Kevin Roose, were quick to question that $500 million figure.
@MikeIsaac are those gross booking numbers, or real revenue (ex- the driver's 80%)?
— Kevin Roose (@kevinroose) January 19, 2015
Roughly a year ago, extrapolations from a leaked Uber presentation showed the company’s revenue at $212.4 million per year in San Francisco, per a previous Business Insider story. Roose and others like Gigaom are questioning whether Kalanick really meant revenue: does that $500 million all go to Uber, or have they not factored in their drivers?
We'll have to wait for clarification.
