# Uber losing lots of money, says Bloomberg



## Oscar Levant (Aug 15, 2014)

http://www.bloomberg.com/news/articles/2016-01-21/facing-a-price-war-uber-bets-on-volume


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## Ben105 (Feb 27, 2016)

This is an old article.


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## AlbertX (Jul 19, 2015)

"We care deeply about drivers' earning". It could not be further from the truth. Uber is a $50 billion worth of liars, the biggest scam in history.


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## Leftright? (Mar 11, 2016)

Karma


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## HoldenDriver (Jan 18, 2016)

Old as in within the past fiscal quarter? Then yes, it's an old article.

In my sub-market, rates are so low most of the time you get No Cars Available. We only exist because of incentive pay.

I did a two hour incentive shift, met all the requirements. Earned $40 in incentive pay. Total, I received two ride requests, for a combined amount of $7 after Uber's 25%.

I'm not saying this as a money-hungry driver; Uber needs to raise minimum fares and per-mile/minute rates. People will pay more for the convenience, and it will stop the hemorrhaging.


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## Ben105 (Feb 27, 2016)

Old yes. It's from January and we're nearly in May. The price drops happened a while ago. This was reported upon when it actually happened.


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## Flarpy (Apr 17, 2016)

They would rather add drivers than increase fares. Some day everyone with a 4-door car will have worked for (and quit working for) Uber.


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## Gilbert_Aus (Apr 10, 2016)

AlbertX said:


> "We care deeply about drivers' earning". It could not be further from the truth. Uber is a $50 billion worth of liars, the biggest scam in history.


It seems as though only us drivers are aware of the issues. Passengers are ignorant to what's going on. Many of my passengers think I'm earning great money.


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## Gilbert_Aus (Apr 10, 2016)

Flarpy said:


> They would rather add drivers than increase fares. Some day everyone with a 4-door car will have worked for (and quit working for) Uber.


isn't it true that 1/5 Americans have worked at McDonald's? Or was it 1 in 10?


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## Flarpy (Apr 17, 2016)

I remember reading that statistic but I don't remember the actual number


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## Novus Caesar (Dec 15, 2015)

Gilbert_Aus said:


> isn't it true that 1/5 Americans have worked at McDonald's? Or was it 1 in 10?


You are supposed to work fast food and other minimal retail jobs as a student living at home with the parents or in college. NOT as an independent adult unless you are management. That is why the 15.00/hr. minimum wage issue is ridiculous. Uber was never designed to be fulltime employment. It is supposed to be a side job to make money IN ADDITION to another job.


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## UberLou (May 5, 2015)

UBER is and has been too big to fail. They are going no where.


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## ABC123DEF (Jun 9, 2015)

Novus Caesar said:


> You are supposed to work fast food and other minimal retail jobs as a student living at home with the parents or in college. NOT as an independent adult unless you are management. That is why the 15.00/hr. minimum wage issue is ridiculous. Uber was never designed to be fulltime employment. It is supposed to be a side job to make money IN ADDITION to another job.


Yep...that $90K for a driver in NYC and $70K for a driver in San Francisco was meant to be some great part-time side money years ago, right? And to be totally honest, it's not even good supplemental income. It's a suck of time, resources, and energy.


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## Flarpy (Apr 17, 2016)

Novus Caesar said:


> Uber was never designed to be fulltime employment. It is supposed to be a side job to make money IN ADDITION to another job.


Unfortunately it's not even very good for that


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## ATX 22 (Jun 17, 2015)

Novus Caesar said:


> You are supposed to work fast food and other minimal retail jobs as a student living at home with the parents or in college. NOT as an independent adult unless you are management. That is why the 15.00/hr. minimum wage issue is ridiculous. Uber was never designed to be fulltime employment. It is supposed to be a side job to make money IN ADDITION to another job.


Right. That's why Uber advertised it as a $90,000/year income. That sounds like it was meant to be part time. 
Don't get me wrong, I was able to make decent part time money when the rates were 40% higher than they are now. Today, I won't start my car for their piddly rates, now. Uber has sold people a bill of goods, then flushed them down [email protected]+ creek. Sometimes without a paddle. Uber is in it for Uber. They will screw anyone and everyone, including their investors.


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## HoldenDriver (Jan 18, 2016)

Flarpy said:


> They would rather add drivers than increase fares. Some day everyone with a 4-door car will have worked for (and quit working for) Uber.


Which is Uber's endgame... problem is, in many markets, it isn't working. Which is why they're robbing Peter to pay Paul with incentive hours/pay.

It's also why in my market, pax complain constantly about No Cars Available. Drivers got smart, and don't drive in my small market except on incentive pay.

Just checked the app. I'm a mile away from downtown. It's 4:45 PM. No Cars Available.


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## Flarpy (Apr 17, 2016)

Yup, a friend of mine just went to the airport today, Thursday at around 3pm and said she waited a half hour for an Uber car. And she's in a highly populated part of the city.


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## Beachbum in a cornfield (Aug 28, 2014)

Novus Caesar said:


> You are supposed to work fast food and other minimal retail jobs as a student living at home with the parents or in college. NOT as an independent adult unless you are management. That is why the 15.00/hr. minimum wage issue is ridiculous. Uber was never designed to be fulltime employment. It is supposed to be a side job to make money IN ADDITION to another job.


Bad ROI is bad ROI...whether you take it full time or part time. Uber was intended to be profitable for drivers.....until they "fixed it"....Now it just sucks. The notion that retail jobs are for kids is courtesy of the bullshit machine humming on all cylinders down on Wall ST.....


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## Sall_yahoo (Feb 25, 2016)

I am in the black car industry from last 15 yrs and we had this union in executive transportation group in nyc and trust me guys its a biggest scam and garbage they will never do anything serious for the drivers we had them for 10 years in our company .and we had to through them out through vote which was held by the department of labor .thats why I completely know what they're ,this is the official mechanism by the companies like uber to control drivers for showing so much and doing nothing . Hopefully you guys understand from my experience with this union as a driver.


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## elelegido (Sep 24, 2014)

They can only keep subsidizing rides for pax for so long. What do you think, RamzFanz? Do you still say Uber is profitable? Bloomberg says that even Travis doesn't claim that.


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## I_Like_Spam (May 10, 2015)

elelegido said:


> They can only keep subsidizing rides for pax for so long. What do you think, RamzFanz? Do you still say Uber is profitable? Bloomberg says that even Travis doesn't claim that.


The company as a whole might not be profitable, but I can't see how their ride sharing enterprise could be losing money.

Uber takes more from each driver than Yellow Cab does- YC provides a vehicle, maintenance, insurance, and tow services in addition to dispatching and credit.

All Über does is dispatching and payments, and that work is mostly done by a computer.

I can't see where their margins aren't fabulous.


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## elelegido (Sep 24, 2014)

I_Like_Spam said:


> The company as a whole might not be profitable, but I can't see how their ride sharing enterprise could be losing money.
> 
> Uber takes more from each driver than Yellow Cab does- YC provides a vehicle, maintenance, insurance, and tow services in addition to dispatching and credit.
> 
> ...


It would take too long to go into why they are hemorrhaging cash and are still not profitable.


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## RamzFanz (Jan 31, 2015)

elelegido said:


> They can only keep subsidizing rides for pax for so long. What do you think, RamzFanz? Do you still say Uber is profitable? Bloomberg says that even Travis doesn't claim that.


I've never said they were. Overall, they are investing into capturing market share and expansion. Their matured markets are primarily profitable though and Uber could be tomorrow if they chose. It's not hard to see their business model is a success.

"It would take too long to go into why they are hemorrhaging cash and are still not profitable."

Please humor us.


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## 20yearsdriving (Dec 14, 2014)

RamzFanz said:


> I've never said they were. Overall, they are investing into capturing market share and expansion. Their matured markets are primarily profitable though and Uber could be tomorrow if they chose. It's not hard to see their business model is a success.
> 
> "It would take too long to go into why they are hemorrhaging cash and are still not profitable."
> 
> Please humor us.


Uber is blazing the trail with billions $$.......,for Juno & others


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## uberdriverfornow (Jan 10, 2016)

RamzFanz said:


> I've never said they were. Overall, they are investing into capturing market share and expansion. Their matured markets are primarily profitable though and Uber could be tomorrow if they chose. It's not hard to see their business model is a success.
> 
> "It would take too long to go into why they are hemorrhaging cash and are still not profitable."
> 
> Please humor us.


Why don't you go ask Krispy Kreme how that philosophy worked out for them ?


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## elelegido (Sep 24, 2014)

RamzFanz said:


> Please humor us.


Unfortunately, your request has been denied. Please try again later.


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## Santa (Jan 3, 2016)

Uber is too big to fail now. With the Economic Papers valuating it at $60 Billion over and over, brings in more and more people to invest in it. Thus filling Uber's vault over and over keeping them from going empty.


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## Tim In Cleveland (Jul 28, 2014)

Novus Caesar said:


> Uber was never designed to be fulltime employment. It is supposed to be a side job to make money IN ADDITION to another job.


Do you even realize what a crock of b.s. you just spouted? NO JOB should be paying less than minimum wage especially when you have to put up expensive capital to complete it. Uber is using their MONOPOLY on drivers to screw them over. Lyft is FAKE COMPETITION designed to make it hard for 3rd and 4th companies to hit the market. Your argument could be said about EVERY JOB ON THE PLANET as an excuse to make people work 120 hours a week to survive.(as some drivers do)


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## BurgerTiime (Jun 22, 2015)

One thing everyone can agree on, Uber is run by a bunch of morons


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## RamzFanz (Jan 31, 2015)

elelegido said:


> Unfortunately, your request has been denied. Please try again later.


Exactly.


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## RamzFanz (Jan 31, 2015)

uberdriverfornow said:


> Why don't you go ask Krispy Kreme how that philosophy worked out for them ?


Or Apple? We could go back and forth like this all day.

Uber could be profitable tomorrow if they chose. It's a choice, not a result.


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## RamzFanz (Jan 31, 2015)

20yearsdriving said:


> Uber is blazing the trail with billions $$.......,for Juno & others


Nonsense. Uber isn't just spending on market share, they are dominating market share. You want to ignore that what they are doing is actually working, and that's fine, but it's disingenuous.


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## 20yearsdriving (Dec 14, 2014)

RamzFanz said:


> Nonsense. Uber isn't just spending on market share, they are dominating market share. You want to ignore that what they are doing is actually working, and that's fine, but it's disingenuous.


In California anyone can apply for TNC status 
Thanks to uber for burning those billions breaking red tape

You will for ever be immortalized for your sacrifice RamzFanz


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## RamzFanz (Jan 31, 2015)

20yearsdriving said:


> In California anyone can apply for TNC status
> Thanks to uber for burning those billions breaking red tape
> 
> You will for ever be immortalized for your sacrifice RamzFanz


Opening a TNC and being successful in acquiring market share are two completely different things.


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## 20yearsdriving (Dec 14, 2014)

RamzFanz said:


> Opening a TNC and being successful in acquiring market share are two completely different things.


It's established : no loyalty 
Cheap is the name of the game 
Can uber hold up to a leaner operation ?


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## RamzFanz (Jan 31, 2015)

20yearsdriving said:


> It's established : no loyalty
> Cheap is the name of the game
> Can uber hold up to a leaner operation ?


Like Sidecar?


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## 20yearsdriving (Dec 14, 2014)

RamzFanz said:


> Like Sidecar?


Side Car competed with the "Good" Uber
Different era.


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