Arthur T Knackerbracket has found the following story:
Uber lost another $1.1 billion in the third quarter of 2019, the company announced on Monday. This wasn't a surprise: Uber lost about the same amount in the first quarter of 2019 and lost even more last quarter.
Yet the company argues that things aren't as bad as that headline figure suggests. To show why, Uber broke its earnings down by business area, distinguishing its core "rides" app from Uber Eats, Uber Freight, and other operations.
Uber says that, if you exclude certain non-operating expenses—mainly interest, depreciation, and stock-based compensation—the "rides" app actually earned a substantial $631 million profit. That's enough to cover the company's core operating expenses, the company said. But Uber's profitability was dragged down by losses in its other businesses—mainly a $316 million loss from Uber Eats.
Of course, interest, depreciation, and stock-based compensation are real costs. So the fact that Uber looks less unprofitable excluding them isn't going to be particularly reassuring to Uber investors.
But the reason these numbers could ultimately be good news for investors is that they suggest Uber's core rides business might not be perpetually money-losing. If the "EBIDTA" profitability of the ride-hailing business continues to improve—it grew from $416 million in the year-ago quarter to $631 million last quarter on an EBITDA basis—the company could eventually reach honest-to-goodness profitability.
(Score: -1, Spam) by Anonymous Coward on Saturday November 09 2019, @03:26PM (6 children)
Dear fakename welfare sucker liar "bzipitidoo": The planet's laughing at you (and your kind) running from a question on "russia" https://soylentnews.org/comments.pl?noupdate=1&sid=34553&page=1&cid=918224#commentwrap [soylentnews.org] & your blamegame admitted fail (like your entire wasted life bzipitidoo) https://soylentnews.org/comments.pl?noupdate=1&sid=34489&page=1&cid=916679#commentwrap [soylentnews.org] which you admit yet another fail in your wasted life fakename. Prove you even have a job welfare sucker. Only job you have is spouting more traitor "leftist" bullshit online and when you are confronted you run. No denying it. You are, a loser.
(Score: 0, Offtopic) by RandomFactor on Saturday November 09 2019, @03:49PM (5 children)
Hmmm, crossposting comments that you think deserve recognition or are being ignored? This is a concept that has legs.
В «Правде» нет известий, в «Известиях» нет правды
(Score: -1, Spam) by Anonymous Coward on Saturday November 09 2019, @03:56PM (4 children)
He's not being ignored. Strike 1 for you. The fact you have to try to downmod hide his post where he confronts the multiple sockpuppet fakename bzipitidoo on "russia" and bzipitidoo ran from it proves it. You lose too.
(Score: 0, Offtopic) by Anonymous Coward on Saturday November 09 2019, @04:04PM (2 children)
STFU, you toxic male loser.
(Score: -1, Spam) by Anonymous Coward on Saturday November 09 2019, @04:12PM
There's nothing toxic about making nullos (look that up, it's TRULY you, lol) like YOU run bzipitidoo https://soylentnews.org/comments.pl?noupdate=1&sid=34553&page=1&cid=918224#commentwrap [soylentnews.org] so tell us about "russia" won't you? Facts always prove braindead failures like you are exactly that. Braindead failures SUCKIN WELFARE doing zero and you know it. You are defective product fit only to be fertilizer (and not even good enough for that, hehehe), stupid.
(Score: -1, Offtopic) by Anonymous Coward on Saturday November 09 2019, @04:18PM
No balls nullo (hohohohohoho) why are you running from facts and questions https://soylentnews.org/comments.pl?noupdate=1&sid=34553&page=1&cid=918224#commentwrap [soylentnews.org] and trying to hide it with multiple sockpuppet account downmoderations?
(Score: 0, Offtopic) by RandomFactor on Saturday November 09 2019, @04:21PM
Speaking of Strike 1, I haven't tossed a downmod in over a year. Considering the usual suspects around here I've been able to resist, some random AC spammy guy ain't gonna be able to make me break my streak :-P
В «Правде» нет известий, в «Известиях» нет правды
(Score: 1) by RandomFactor on Saturday November 09 2019, @03:29PM (3 children)
Uber Eats.
Well if it is losing money maybe it isn't gouging. I always just sort of assumed it would be.
В «Правде» нет известий, в «Известиях» нет правды
(Score: -1, Spam) by Anonymous Coward on Saturday November 09 2019, @03:37PM
Losing? bzipitidoo is EXPERT at losing publicly https://soylentnews.org/comments.pl?noupdate=1&sid=34553&page=1&cid=918224#commentwrap [soylentnews.org] running from a fair question backed by fact he can't deny like all "his kind" do in addition to lying, sucking welfare ands shooting heroin hiding behind multiple fakenames online.
(Score: 1) by fustakrakich on Saturday November 09 2019, @04:21PM
The "losses" are written off. The taxpayers subsidize everything.
La politica e i criminali sono la stessa cosa..
(Score: 1, Interesting) by Anonymous Coward on Saturday November 09 2019, @05:59PM
(Score: -1, Spam) by Anonymous Coward on Saturday November 09 2019, @03:41PM
Dear fakename welfare sucker liar "bzipitidoo": The planet's laughing at you (and your kind) running from a question on "russia" https://soylentnews.org/comments.pl?noupdate=1&sid=34553&page=1&cid=918224#commentwrap [soylentnews.org] [soylentnews.org] & your blamegame admitted fail (like your entire wasted life bzipitidoo) https://soylentnews.org/comments.pl?noupdate=1&sid=34489&page=1&cid=916679#commentwrap [soylentnews.org] [soylentnews.org] which you admit yet another fail in your wasted life fakename. Prove you even have a job welfare sucker. Only job you have is spouting more traitor "leftist" bullshit online and when you are confronted you run. No denying it. You are, a loser!
(Score: -1, Spam) by Anonymous Coward on Saturday November 09 2019, @03:43PM
Dear fakename welfare sucker liar "bzipitidoo": We're laughing @ you & your kind running from a question on "russia" https://soylentnews.org/comments.pl?noupdate=1&sid=34553&page=1&cid=918224#commentwrap [soylentnews.org] & your blamegame admitted fail (like your entire wasted life bzipitidoo) https://soylentnews.org/comments.pl?noupdate=1&sid=34489&page=1&cid=916679#commentwrap [soylentnews.org] soylentnews.org] which you admit yet another fail in your wasted life fakename. Prove you even have a job welfare sucker. Only job you have is spouting more traitor "leftist" bullshit online and when you are confronted you run. No denying it. You are, a loser!
(Score: -1, Spam) by Anonymous Coward on Saturday November 09 2019, @03:46PM
Dear fakename welfare sucker liar "bzipitidoo": We're laughing @ you & your kind running from a question on "russia" https://soylentnews.org/comments.pl?noupdate=1&sid=34553&page=1&cid=918224#commentwrap [soylentnews.org] & your blamegame admitted fail (like your entire wasted life bzipitidoo) https://soylentnews.org/comments.pl?noupdate=1&sid=34489&page=1&cid=916679#commentwrap [soylentnews.org] soylentnews.org] which you admit yet another fail in your wasted life fakename. Prove you even have a job welfare sucker. Only job you have is spouting more traitor "leftist" bullshit online & when you are confronted you run. No denying it. You are, a loser!
(Score: -1, Offtopic) by Anonymous Coward on Saturday November 09 2019, @03:49PM
Dear fakename welfare sucker liar "bzipitidoo": We're laughing @ you & your kind running from a question on "russia" https://soylentnews.org/comments.pl?noupdate=1&sid=34553&page=1&cid=918224#commentwrap [soylentnews.org] & your blamegame admitted fail (like your entire wasted life bzipitidoo) https://soylentnews.org/comments.pl?noupdate=1&sid=34489&page=1&cid=916679#commentwrap [soylentnews.org] which you admit yet another fail in your wasted life fakename. Prove you even have a job welfare sucker. Only job you have is spouting more traitor "leftist" bullshit online & when you're confronted you run. No denying it. You are, a loser!
(Score: -1, Spam) by Anonymous Coward on Saturday November 09 2019, @03:51PM
Dear fakename welfare sucker liar "bzipitidoo": We're laughing @ you & your kind running from a question on "russia" https://soylentnews.org/comments.pl?noupdate=1&sid=34553&page=1&cid=918224#commentwrap [soylentnews.org] & your blamegame admitted fail (like your entire wasted life bzipitidoo) https://soylentnews.org/comments.pl?noupdate=1&sid=34489&page=1&cid=916679#commentwrap [soylentnews.org] which you admit yet another fail in your wasted life fakename. Prove you even have a job welfare sucker. Only job you have is spouting more traitor "leftist" bullshit online & when you're confronted you run. No denying it. You are a loser!
(Score: 0) by Anonymous Coward on Saturday November 09 2019, @03:55PM
“EBITDA” is a standard finance metric not in need of sarcastiquotes that means pretty precisely what they are saying.
But, sure, let’s have this tiresome thread again. Whee.
(Score: 4, Insightful) by hemocyanin on Saturday November 09 2019, @06:05PM (7 children)
Or maybe the taxi system wasn't crazy:
1) Business was able to make a profit.
2) Workers were able to make a living wage.
It seems Uber has it out for BOTH business AND labor.
(Score: 2) by TheReaperD on Saturday November 09 2019, @07:54PM (6 children)
Taxis are a racket in the US. Only certain, often politically connected people were allowed to own the rights to run a cab (it's not the driver, that's some schmuck they conned into driving it for pennies on the dollar), called a medallion. There's a limited number of them, regulated by the city government, and all owned by the elite rich that buzzes around city hall. They do not go back to the city to be auctioned when someone wants to get rid of theirs, they are privately traded among the before mentioned group. They had been used as a guaranteed profit center by the political elite until Uber came along. It's why they're so pissed now. Something that has been guaranteed to turn a profit for almost 150 years suddenly isn't and these are the people that have the ear of the city to bitch about it.
Ad eundum quo nemo ante iit
(Score: 4, Informative) by hemocyanin on Saturday November 09 2019, @10:22PM (1 child)
A: Is that so for all cities or just a few? I think in most places if you get the right business license you can have a taxi.
B: Until Uber came along awith an unprofitable business model that also screwed workers even more. Yes, those taxi drivers weren't getting rich, but they were able to earn a basic income that supported life rather than make a few extra bucks on the side as with Uber.
Basically, Uber is probably just trying to hold on to an unprofitable business model long enough to utterly destroy the taxi industry so it can raise prices to their former rational level AND own the only fucking Medallion in the country, let alone the town.
(Score: 2) by TheReaperD on Tuesday November 12 2019, @11:10AM
Getting your independent business license to drive a taxi is simple and relatively inexpensive. However, most, if not all cities have a set limit on the number of cabs allowed in the city and you need a special license (the medallions) to have a physical cab in the city. To actually run a cab, you need one of these licenses and they're all owned by private owners and change hands between these private parties. You cannot go to city hall in these cities and get one of these licenses. You have to apply at one of the companies set up by the medallion holders and follow their rules and pay schedules to drive an actual cab.
A) Damn near all from what I understand. Though I admit that I am not a researcher and haven't done a study on it. My knowledge comes from my ex-girlfriend's dad and an old friend of mine who were both cab drivers. The friend of mine was like me and liked to know everything about everything, especially anything that his paycheck relied on, and researched how the cab industry actually worked.
B) You won't get any argument from me. Uber does need to be reigned in and forced to pay their drivers a fair wage. Though that taxi industry did need a change, Uber's model isn't an improvement.
Ad eundum quo nemo ante iit
(Score: 2) by Runaway1956 on Sunday November 10 2019, @04:29AM (3 children)
As hemocyanin points out, not all cities run their taxi services the same way. I suspect that Chicago is probably as corrupt as New York (Chicago, the most corrupt city in the US, allowing New York to out-corrupt them?) But, smaller cities and towns can't compete with the Big Apple.
We had a taxi service locally, for awhile. It didn't do so well because small town and rural economics just don't support a taxi service. If there was corruption involved, it was probably on tax returns.
“I have become friends with many school shooters” - Tampon Tim Walz
(Score: 2) by PartTimeZombie on Sunday November 10 2019, @10:31PM (2 children)
Where I live the taxi industry was deregulated in the 1980's.
Instantly every idiot with a car became a taxi driver and there was chaos for a while.
Once the police made it clear that if your taxi broke down before it got you where you wanted to go, you didn't have to pay (this only happened to me one time) things began to improve.
The really dodgy operators went away after a while, and the taxi industry is reasonably good now.
Uber still manages to undercut taxis on price, and by quite a lot in some cases, so I don't know who is losing money but someone is. Hopefully it's Softbank and the other Uber shareholders.
(Score: 3, Insightful) by TheReaperD on Tuesday November 12 2019, @11:24AM (1 child)
Good to hear that your city tried to fix the taxi system. Unfortunately, they decided, as many do, that the solution to bad regulation was deregulation rather than reform, thus leading to chaos. Though it seems they learned from their mistakes and put some regulation back in place that made sense. Good for them (and you). Hopefully, their learn from the mistakes of the past when they finally get around to dealing with Uber.
Almost always, deregulation is not the solution to bad government. Deregulation ends up with chaos, raised prices, corruption and greed in most cases (though not always right away; giving the false impression that it can be good for the economy). Bad government needs to be reformed (and in extreme cases, such as fascist governments and oligarchies, shot), not deregulated.
Ad eundum quo nemo ante iit
(Score: 2) by PartTimeZombie on Tuesday November 12 2019, @08:32PM
That is almost entirely true.
There is now a fair bit of regulation on the taxi industry (but not Uber, for some reason) as deregulation did not produce high prices and corruption, but unsustainably low prices and really, really poor service as the barriers to entry were reduced to almost zero.
(Score: 2) by GlennC on Saturday November 09 2019, @06:19PM (3 children)
For the drivers....well, nobody seems to care, they're just peasants.
Sorry folks...the world is bigger and more varied than you want it to be. Deal with it.
(Score: 1) by saturnalia0 on Saturday November 09 2019, @06:42PM
I don't know how it is in the US, but here in Brazil Uber came in just when the worst recession in the country's history hit the hardest. It meant (and still means) a lot of jobs to people who would otherwise be unemployed. To consumers it was great too, even at a time of economic distress, as the rides were incredibly cheap compared to the over regulated taxi industry (and Uber was subsidizing them). Not all large cities have metro here so people ride a lot.
(Score: 2) by Coward, Anonymous on Saturday November 09 2019, @10:06PM (1 child)
Barrier to entry for competitors does not seem very high. They just need an app and some marketing. What secret sauce does Uber have that will let them make a lot of money? Amazon could easily roll out this kind of business if it was worthwhile.
(Score: 2) by Runaway1956 on Sunday November 10 2019, @04:33AM
Secret sauce? Fads don't require a secret sauce. Everyone wanted in, and now Uber has name recognition. You might trump name recognition with better service, but first, word has to get out.
“I have become friends with many school shooters” - Tampon Tim Walz