As Uber gears up for an initial public offering later this year, its most recent self-reported financials revealed slowing sales.
Uber reported $3 billion in revenue in the fourth quarter, meaning that sales only grew 25% year-over-year in Q4, compared to 38% year-over-year growth in the third quarter, and 70% in the first quarter.
That continued sales growth slow-down could ring alarm bells for Wall Street as Uber drives towards an IPO that could reportedly value it at as much as $120 billion, or nearly double its $76 billion valuation when it last raised money.
Despite the slower pace of growth, chief financial officer Nelson Chai called 2018 Uber’s strongest year yet.
“In 2018, our ridesharing business maintained category leadership in all regions we serve, Uber Freight gained exciting traction in the US, JUMP e-bikes and e-scooters are on the road in over a dozen cities, and we believe Uber Eats became the largest online food delivery business outside of China, based on gross bookings,” he said in a statement.
Although Uber didn’t break out Eats in its latest financial report, Khosrowshahi previously told Forbes that it was on track to deliver $10 billion worth of food worldwide this year. Uber takes a 30% cut of sales in addition to a delivery fee, so it could generate at least $1 billion in revenue from Eats this year.
That burgeoning business is important, as Uber is not the only ride-sharing company driving towards the public market: Lyft, valued at around $15 billion, is also expected to IPO later this year.