Price x Volume
Revenue growth is a function of price and volume. Snapchat likely has the ability to increase ad prices and increase user/ad volumes. Uber has volume growth but at its current commission rate it's hard to see this increasing. The attractiveness of the last big IPO Alibaba was that it could increase its pricing alongside increased customer growth. For example at the time of IPO Alibaba's mobile commission rate was 1.87% its now 2.8% of all products sold, to put this into context Ebay's is 8.4% so both price and volume could grow. One issue for Uber is their high take rate. A rate of 30% (see below) seems too high especially compared to other marketplaces. It would be unlikely that Uber could raise price though the majority of their rates are discounted and reimbursed to drivers so it's effective rate is lower. That leaves Uber relying mainly on user growth. Based on this I'm leaning towards Snapchat as an IPO. One thing we know for sure the IPO market is getting interesting.
https://www.bloomberg.com/gadfly/articles/2016-10-05/uber-s-outsize-commissions-leave-it-vulnerable-to-competition
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