Managed transportation provider Uber Freight announced Tuesday its European division has surpassed 200 million euros ($218.3 million) in freight under management, topping $18 billion in freight under management worldwide.
“Our European business is accelerating because we’re dedicated to offering precisely that. We bring the optionality and expertise needed to keep pace in a rapidly evolving landscape and, as we continue to invest in the region, we plan on cementing our role as the premier logistics partner in Europe,” said founder and CEO Lior Ron in the news release.
The company launched its operations, with offices in the Netherlands, Germany and Poland, in 2019. In 2020, the digital freight forwarder Sennder acquired the European arm of Uber Freight in an all-stock deal nearly $1.1 billion.
Once Uber Freight acquired Transplace in 2021, it relaunched its European business endeavors.
Uber Freight has set a goal to acquire 2 billion euros ($2.182 billion) in freight under management in Europe by 2028.
Even with these growth numbers, the company has been working to align itself with current market conditions, including slashing over 200 jobs in 2023 and an additional 50 jobs in early January.
Uber Freight’s earnings have not been attractive. The company saw continued negative earnings with minus $14 million in earnings before interest, taxes, depreciation and amortization for six consecutive quarters. Its revenue remained stagnant, barely surpassing previous lows at $1.28 billion, down 16.8% from Q4 2022.
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