Uber is a "great" investment
Every once in a while I like to check in with the most popular moonlighting operation/money pit in the world - Uber.
Uber lost another $6 Billion n the 1st Quarter of 2022. So how did CNBC spin this?
Uber’s money-losing ride may be nearing an end
The creation of Uber in the wake of the 2008 financial crisis can be compared to an earlier disruptive innovation: the supermarket.
...
Like King Kullen, Uber is the result of “clever resource integration” on the part of its founders, serial entrepreneurs Travis Kalanick and Garrett Camp.
Riiiggghhtt. They only lost $6 Billion in that quarter, and have never made a single red cent in profits in their existence.
Uber lost $672 million in 2014. At this time Uber was said it be worth $40 Billion.
Uber lost $2 Billion in 2015.
Uber lost $2.8 Billion in 2016, while claiming the company was worth $68 billion.
Uber lost $4.5 billion in 2017.
Uber "only" lost $1.8 billion in 2018.
So were they finally turning it around?
"The trend is good," says Bradley Tusk, a political consultant and investor in Uber. "Revenue up. Losses down, even though they keep investing heavily around the world."
Instead Uber lost a staggering $8.51 billion in 2019.
Uber lost another $6.77 billion in 2020.
As for 2021, Uber lost $108 million in Q1, $509 million in Q2, but made a minuscule $8 million in profit in Q3.
Uber made a sizable profit in Q4 of $892 million, but $1.4 Billion came from equity investments, not from operating a company called Uber.
That's $33.669 BILLION in losses since 2014.
So last week was time for Q2 reporting. Did their money-losing ways end?
Uber loses $2.6 billion, but its stock soared anyway
Uber reported a $2.6 billion loss but outperformed Wall Street’s expectations in the second quarter, sending its stock price up more than 10 percent in early trading Tuesday.
Only losing $2.6 Billion in a single quarter is the same as making money when it comes to Uber, I guess.
Comments
Another company did this
Amazon. Capitalism doesn't seem to care about reality. If it says it succeeds it succeeds.
Personally I can't see how they can lose that kind of money. They have like $1.95 in operating expenses. It must be all lobbyimg expenses and executive salaries.
edit: forgot the decimal point.
On to Biden since 1973
This makes jack-all sense
What do they even do??? What good or service, from an employee standpoint, does Uber bring to the table that makes people sign up to march in their fleet, when it seems like it would be a better deal all around to just become a freelance cabbie?
I keep asking this, could someone please answer?
In the Land of the Blind, the One-Eyed Man is declared mentally ill for describing colors.
Yes Virginia, there is a Global Banking Conspiracy!
Not really sure about this
but taxi stands at airports require a registered driver / company to be in the cue.
If travelers want a cheaper ride, there is an app for that (like Uber). How an independent
would get exposure to that market is perhaps a problem. Driving around or fishing for
customers with a "Taxi" sign on the vehicle may entail registering with the city, which
restricts licensing, to be legal.