A platform, even a dominant one, isn’t worth anything unless it can generate a consistent stream of profit. First, profitability: In 2018 Uber showed what looks like good progress in EBIT margins. Uber splits its business into revenue derived from the core platform and other bets. The core platform includes ride sharing as well all of the other services that Uber offers such as Uber Eats and Uber Freight and saw EBIT margins improve to 9% from 0% in 2017. Uber is asking for this premium based on the size of the platform that it has created but as stated above: a platform that makes no money is not worth anything.

Source: Forbes April 12, 2019 14:48 UTC