# UBER loses 2.9 Billion in Q1 of 2020



## ANT 7 (Oct 14, 2018)

https://investor.uber.com/news-even...s-Results-for-First-Quarter-2020/default.aspx
SAN FRANCISCO--(BUSINESS WIRE)-- Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter ended March 31, 2020.

*Financial Highlights for First Quarter 2020*


Gross Bookings grew to $15.8 billion, up 8% year-over-year, or 10% on a constant currency basis, with Rides declining 3% and Eats growing 54% year-over-year, respectively, on a constant currency basis.
Revenue growth of 14% year-over-year, or 16% on a constant currency basis.
Adjusted Net Revenue ("ANR") growth year-over-year of 18%, or 19% on a constant currency basis. Adjusted Net Revenue and segment Adjusted Net Revenue excludes the impact of COVID-19 response initiatives.
*Net loss attributable to Uber Technologies, Inc. of $2.9 billion,* which includes $277 million in stock-based compensation expense and pre-tax impairment write-downs of $2.1 billion. Net loss attributable to Uber Technologies, Inc. excluding the impairment write-downs, net of the tax benefit would have been $1.1 billion.


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## polar2017 (Jul 1, 2017)

2.8 billion lost in the quarter is jaw dropping.
What’s the path to profits.


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## sellkatsell44 (Oct 25, 2015)

ANT 7 said:


> pre-tax impairment write-downs of $2.1 billion.


Can a CPA explain this to me. Google search says goodwill write off...

As this is the bulk of the "loss".



polar2017 said:


> 2.8 billion lost in the quarter is jaw dropping.
> What's the path to profits.


it's (the B) actually not as bad as if it were a T.


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## The Gift of Fish (Mar 17, 2017)

ANT 7 said:


> *Net loss attributable to Uber Technologies, Inc. of $2.9 billion*


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## Wolfgang Faust (Aug 2, 2018)

polar2017 said:


> 2.8 billion lost in the quarter is jaw dropping.
> What's the path to profits.


Less fares!
No reason to tip!


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## Johnny Mnemonic (Sep 24, 2019)

A billion here, a billion there. Pretty soon it adds up to real money.


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## TemptingFate (May 2, 2019)

Stock is up 11% today and another 5% after hours, more than 100% above the low of $15 last month.


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## SHalester (Aug 25, 2019)

The imortant thing is they still have $8 billion in cash; they burned through around $2b since 12/31. At that current burn rate a year of cash left? Hum


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## Wally (Oct 11, 2014)

TemptingFate said:


> Stock is up 11% today and another 5% after hours, more than 100% above the low of $15 last month.


No rhyme or reason to any of this, guess the must have 'beat' expectations - HA.


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## Lee239 (Mar 24, 2017)

They are losing $32 million dollars a day. 

Keep in mind that's a loss after the billions they make every week off of the backs of drivers. 

So they lose every penny they make PLUS $32 million a day. 

Must be nice to be able to stay in business when you are such a failure

I wonder how those flying cars are going didn't they promise them for this year?

Uber is the biggest Wall Street Ponzi scheme ever. 

All they do is run an app and they can't make money.


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## Wolfgang Faust (Aug 2, 2018)

Lee239 said:


> They are losing $32 million dollars a day.
> 
> Keep in mind that's a loss after the billions they make every week off of the backs of drivers.
> 
> ...


Monkeys will fly out of Daras' ass first...


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## 1.5xorbust (Nov 22, 2017)

At least it was less than $3 billion.


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## Jon Stoppable (Dec 11, 2019)

sellkatsell44 said:


> Can a CPA explain this to me. Google search says goodwill write off...


Bear can explain it, although bear is not a CPA. They bought some other companies, recorded the excess of the purchase price value over fair market value of tangible assets as goodwill or some other intangibles. Then when those investments turned out to be crap, they are required to write down the value of those assets (it could be tangibles or intangibles, or both) and charge that amount against their earnings.

Since they probably did those acquisitions as stock deals, this is largely a noncash loss, although it did represent dilution of shareholder value as they would have issued new shares to the owners of the acquired companies at the time.


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## The queen 👸 (Jan 2, 2020)

Jon Stoppable said:


> Bear can explain it, although bear is not a CPA. They bought some other companies, recorded the excess of the purchase price value over fair market value of tangible assets as goodwill or some other intangibles. Then when those investments turned out to be crap, they are required to write down the value of those assets (it could be tangibles or intangibles, or both) and charge that amount against their earnings.
> 
> Since they probably did those acquisitions as stock deals, this is largely a noncash loss, although it did represent dilution of shareholder value as they would have issued new shares to the owners of the acquired companies at the time.


There you go . Smart bear explained it well better than my husband. He always use big words and drift away from the starting point.


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## sellkatsell44 (Oct 25, 2015)

bear hug thank you.


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## Jon Stoppable (Dec 11, 2019)

True story: bear took the CPA exam by accident. Bear saw a lot of people milling around an arena in Richmond one day, so bear thought it might be a soup line. Bear took a seat and they passed out some papers. Bear realized it was a competition and the prize was probably a lot of food! Bear did his best and turned in bear's paper, but they told bear he had to come back the next day for more questions.

There wasn't a lot to eat, so bear had a nap in a nearby railroad car until the next day. At the end of the next day bear went up again to see if bear had won any food, but they told bear that the results come in the mail. Bear went away sad because bear was still hungry and had nothing to show for two days' hard work :frown:

Weeks later bear got a letter saying bear had passed the test! Bear was sure bear had won the food! So bear walked to the examiner's office with paper in snout, but they told bear that bears weren't allowed to be CPAs (this was before bear learned to wear a shirt and to not carry things with snout). Bear went away too sad to even eat any of the mean people :cryin:


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## ashlee2004 (Apr 19, 2019)

Jon Stoppable said:


> Bear can explain it, although bear is not a CPA. They bought some other companies, recorded the excess of the purchase price value over fair market value of tangible assets as goodwill or some other intangibles. Then when those investments turned out to be crap, they are required to write down the value of those assets (it could be tangibles or intangibles, or both) and charge that amount against their earnings.
> 
> Since they probably did those acquisitions as stock deals, this is largely a noncash loss, although it did represent dilution of shareholder value as they would have issued new shares to the owners of the acquired companies at the time.


Bear has brain.

Thank you bear &#128156;


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## NoPool4Me (Apr 16, 2018)

Wolfgang Faust said:


> Less fares!
> No reason to tip!


It seems covid is forcing a lot of streamlining overall. I wonder what form Uber will be taking in a few months? Will it survive more than another year or two?


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## everythingsuber (Sep 29, 2015)

This quarterly report only takes in one month of shut downs. The next quarterly report will have 3 months of shut down and I suspect that's going to look like something around the 4-5 billion dollar mark. Daras going to need a little more cash than he has previously claimed to have to be still in a job come Christmas.


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## TemptingFate (May 2, 2019)

everythingsuber said:


> This quarterly report only takes in one month of shut downs. The next quarterly report will have 3 months of shut down and I suspect that's going to look like something around the 4-5 billion dollar mark. Daras going to need a little more cash than he has previously claimed to have to be still in a job come Christmas.


Poor Dara may lose his $45 million salary. He'll have to deploy the $250 million golden parachute.


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## Mole (Mar 9, 2017)

TemptingFate said:


> Stock is up 11% today and another 5% after hours, more than 100% above the low of $15 last month.


I have been in the stock market since 1983 and I have never ever seen anything like our market today it is all a house of cards and a total lie. And I wonder why really hard why do I still have investments lol.


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## NoPool4Me (Apr 16, 2018)

Mole said:


> I have been in the stock market since 1983 and I have never ever seen anything like our market today it is all a house of cards and a total lie. And I wonder why really hard why do I still have investments lol.


For a long time now, I've viewed the stock market as a huge Ponzi scheme and wasn't at all surprised to see Madoff come out of it. It's all a bit of a game.


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## tohunt4me (Nov 23, 2015)

polar2017 said:


> 2.8 billion lost in the quarter is jaw dropping.
> What's the path to profits.


Sell the OFFICE FURNITURE !



tohunt4me said:


> Sell the OFFICE FURNITURE !


SERIOUSLY

START PRINTING SHARES LIKE THE FED. PRINTS MONEY !


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## NoPool4Me (Apr 16, 2018)

tohunt4me said:


> Sell the OFFICE FURNITURE !
> 
> 
> SERIOUSLY
> ...


:roflmao: All they'd have to do is a Forward Split!... get that price down so more can buy the shares.


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## ABC123DEF (Jun 9, 2015)

ANT 7 said:


> https://investor.uber.com/news-even...s-Results-for-First-Quarter-2020/default.aspx
> SAN FRANCISCO--(BUSINESS WIRE)-- Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter ended March 31, 2020.
> 
> *Financial Highlights for First Quarter 2020*
> ...


Bah...a billion here, a billion there. A lawsuit here, a lawsuit there. An exec cashout here, an exec cashout there. A failed rollout in a few countries. Flying cars. New office space here, new office space there. Bah. It's only money. Who's counting? -o:



everythingsuber said:


> This quarterly report only takes in one month of shut downs. The next quarterly report will have 3 months of shut down and I suspect that's going to look like something around the 4-5 billion dollar mark. Daras going to need a little more cash than he has previously claimed to have to be still in a job come Christmas.


Bah. No worries. They have (had?) $10B in the bank.



polar2017 said:


> 2.8 billion lost in the quarter is jaw dropping.
> What's the path to profits.


Ah...profits, schmofits! It's all fun and games.



NoPool4Me said:


> It seems covid is forcing a lot of streamlining overall. I wonder what form Uber will be taking in a few months? Will it survive more than another year or two?


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## tohunt4me (Nov 23, 2015)

ABC123DEF said:


> Bah...a billion here, a billion there. A lawsuit here, a lawsuit there. An exec cashout here, an exec cashout there. A failed rollout in a few countries. Flying cars. New office space here, new office space there. Bah. It's only money. Who's counting? -o:
> 
> 
> Bah. No worries. They have (had?) $10B in the bank.
> ...


For Q-2
Uber has a " Really Big Show" lined up !
A Really Big Shi* t Show !



SHalester said:


> The imortant thing is they still have $8 billion in cash; they burned through around $2b since 12/31. At that current burn rate a year of cash left? Hum


Naw

They have $1.9 b left . . .


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## goneubering (Aug 17, 2017)

Jon Stoppable said:


> True story: bear took the CPA exam by accident. Bear saw a lot of people milling around an arena in Richmond one day, so bear thought it might be a soup line. Bear took a seat and they passed out some papers. Bear realized it was a competition and the prize was probably a lot of food! Bear did his best and turned in bear's paper, but they told bear he had to come back the next day for more questions.
> 
> There wasn't a lot to eat, so bear had a nap in a nearby railroad car until the next day. At the end of the next day bear went up again to see if bear had won any food, but they told bear that the results come in the mail. Bear went away sad because bear was still hungry and had nothing to show for two days' hard work :frown:
> 
> Weeks later bear got a letter saying bear had passed the test! Bear was sure bear had won the food! So bear walked to the examiner's office with paper in snout, but they told bear that bears weren't allowed to be CPAs (this was before bear learned to wear a shirt and to not carry things with snout). Bear went away too sad to even eat any of the mean people :cryin:


I barely understand this story!!



Johnny Mnemonic said:


> A billion here, a billion there. Pretty soon it adds up to real money.


Big quarterly loss. Stock goes up.

https://www.cnbc.com/2020/05/07/uber-uber-earnings-q1-2020.html


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## tohunt4me (Nov 23, 2015)

goneubering said:


> I barely understand this story!!
> 
> 
> Big quarterly loss. Stock goes up.
> ...


MAGIC LIES !

I WILL TRADE YOU MAGIC UBER SHARES FOR YOUR COW !


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## SHalester (Aug 25, 2019)

tohunt4me said:


> They have $1.9 b left . . .


they have $8b in cash as of 3/31. Not sure your math works....?


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## luckytown (Feb 11, 2016)

Lee239 said:


> They are losing $32 million dollars a day.
> 
> Keep in mind that's a loss after the billions they make every week off of the backs of drivers.
> 
> ...


they lost double what was predicted by wallstreet this quarter.....and the stock is up on promises of profitability...a promise......lol


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## June132017 (Jun 13, 2017)

I bet Dara will jump ship.


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## ANT 7 (Oct 14, 2018)

Coincidence ??


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## Wolfgang Faust (Aug 2, 2018)

ANT 7 said:


> Coincidence ??
> 
> View attachment 458957
> View attachment 458958


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## tohunt4me (Nov 23, 2015)

SHalester said:


> they have $8b in cash as of 3/31. Not sure your math works....?


You TRUST ANYTHING Uber Says ?


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## Cdub2k (Nov 22, 2017)

I have an honest non sarcastic question:

On December 31st the stock closed at $29.74 a share
On March 31st the stock closed at $27.92 a share. 

How did they lose 2.9 Billion in that timeframe when they only dropped a buck and some change in that Quarter? 
I don't pretend to know anything about this type of stuff but it seems like there is some funky math going on. Lots of conflicting reports i.e. disinformation about how well Uber is doing financially.


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## TemptingFate (May 2, 2019)

Cdub2k said:


> I have an honest non sarcastic question:
> 
> On December 31st the stock closed at $29.74 a share
> On March 31st the stock closed at $27.92 a share.
> ...


They've been losing billions of dollars per year for several years and the stock is still not zero. Why? The stock price does not reflect earnings per share (which are negative). The stock price reflects what investors evaluate as future earnings potential; the promise of future profitability in a world without drivers, the snake oil of self driving cars.


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## SHalester (Aug 25, 2019)

tohunt4me said:


> You TRUST ANYTHING Uber Says ?


dude, they are a public company. they are audited by an outside firm on a regular basis. So, yes, I trust the financial statements. Plus, we are talking cash balances; unless they are 'kiting' the total traces back to a bank statement.


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## goneubering (Aug 17, 2017)

June132017 said:


> I bet Dara will jump ship.


Highly unlikely. His career rests on turning Uber around. I think he can do it but of course I could be wrong.


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## ANT 7 (Oct 14, 2018)

SHalester said:


> dude, they are a public company. they are audited by an outside firm on a regular basis. So, yes, I trust the financial statements. Plus, we are talking cash balances; unless they are 'kiting' the total traces back to a bank statement.


You remember ENRON don't you ?

A public company with bookshelves of audited statements done by a big 5 accounting firm. Turned out to be an enormous fraud.


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## Bluecrab (Oct 3, 2016)

ANT 7 said:


> You remember ENRON don't you ?
> 
> A public company with bookshelves of audited statements done by a big 5 accounting firm. Turned out to be an enormous fraud.


Anderson Consulting was the auditor. And after Enron it became the big 4 accounting firms.


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## Jon Stoppable (Dec 11, 2019)

Bluecrab said:


> Anderson Consulting was the auditor. And after Enron it became the big 4 accounting firms.


Not Andersen Consulting, they had already split off as Accenture. Rather, it was Arthur Andersen, the now-defunct accounting branch of the formerly combined firm.


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## SHalester (Aug 25, 2019)

ANT 7 said:


> You remember ENRON don't you ?


very much so and 3rd party auditing has been stepped up since then. Could it happen again? Sure. That was history and things have changed since then, I'm sure you would agree. And keep in mind I was speaking of cash balance. You would need the banks to 'fake' the statements as well; in this day and age not probable.


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## Stevie The magic Unicorn (Apr 3, 2018)

uhh...

If uber lost 2.9 billion in quarter one...

That's only January thru march isn't it?

April may and June will be a slaughter lol...

Uber could burn all their capital by the time Corona is over at that rate...

And uber's promise of profitability?

Uber promising a profit is like a drug addict telling me he quit.


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## sellkatsell44 (Oct 25, 2015)

ANT 7 said:


> You remember ENRON don't you ?
> 
> A public company with bookshelves of audited statements done by a big 5 accounting firm. Turned out to be an enormous fraud.


The problem with audits from independent companies like EY is that they don't want to fk up the relationship, after all, it's the company paying them.

the audits should be rotated so that no firm does it two years in a row within a decade.


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## Jon Stoppable (Dec 11, 2019)

sellkatsell44 said:


> the audits should be rotated so that no firm does it two years in a row within a decade.


Changing auditors every year would not improve audit quality; you'd have a bunch of first-year auditors running around like chickens with their heads cut off because of their lack of familiarity with the engagement. Frequent and more adversarial peer review would be a better idea.


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## tohunt4me (Nov 23, 2015)

ANT 7 said:


> You remember ENRON don't you ?
> 
> A public company with bookshelves of audited statements done by a big 5 accounting firm. Turned out to be an enormous fraud.


A WHOLE KITCHEN OF " BOOK COOKERS"!



Bluecrab said:


> Anderson Consulting was the auditor. And after Enron it became the big 4 accounting firms.


" CREATIVE ACCOUNTING SPECIALISTS"

AT LEAST
ENRON DID NOT GET A GOVT. BAILOUT !


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## Lute Byrt (Feb 20, 2020)

Wolfgang Faust said:


> Monkeys will fly out of Daras' ass first...


Were those the ones fired or hired?


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## sellkatsell44 (Oct 25, 2015)

Jon Stoppable said:


> Changing auditors every year would not improve audit quality; you'd have a bunch of first-year auditors running around like chickens with their heads cut off because of their lack of familiarity with the engagement. Frequent and more adversarial peer review would be a better idea.


Probably on the last sentence but if you have tenured auditors working on the big big corporations I don't see why they should not be able to look at the previous firm's work (like case study) to familiarize themselves and also be able to see if there was any wrongs before working on it themselves.

Then again like bear, I'm not a cpa but unlike bear I also never accidentally passed the exam so &#128517;.

I'll take your opinion/word obvz


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## Jon Stoppable (Dec 11, 2019)

sellkatsell44 said:


> Probably on the last sentence but if you have tenured auditors working on the big big corporations I don't see why they should not be able to look at the previous firm's work (like case study) to familiarize themselves and also be able to see if there was any wrongs before working on it themselves.


In fact, audit firm rotation on a frequent basis (nobody has ever seriously proposed annually, so far as bear is aware) can yield worse results:

https://www.bostrom.com/audit-firm-rotation-vs-audit-partner-rotation/
The basic problem with your idea is that the workpapers are the property of the audit firm, not the client. They are often shared with a successor auditor, but usually not in their entirety. Even so, the successor firm would have to take the time to review them and then decide if their audit program would incorporate those procedures or not, whereas the predecessor would simply say "what did we do last year? did anything change?" and it's likely that either the senior staff or the managers would carry over at least across a single year so that there are efficiencies in the process. They only have to learn what has changed about the business, not everything.

The next issue is that an audit starts with a review of internal controls (a report on the strength of internal controls is now required; it wasn't before Enron). It didn't matter per se how good those were (because the audit was a report on the accurancy of the financial statements only), but if the auditor found weak internal controls, they would have to expand their audit program (essentially meaning a larger amount of transactional sampling) to give the required assurance on the accuracy of the financial statements. If the internal controls were found to be strong, the predecessor would have a light audit program, and if the business and controls hadn't materially changed, could do that again next year without necessarily redoing the whole test of internal controls. But an incoming auditor would either have to rely on the predecessor's findings (reducing the value of the "independent" fresh look at the books) or redo it, perhaps unnecessarily if the controls were indeed pretty much the same year to year.

In essence, you are proposing a much more expensive and arguably lower quality audit process without having strong evidence that the current audit process is as broken as it was pre-Enron. There were a lot of changes to the profession after that:

https://en.wikipedia.org/wiki/Sarbanes-Oxley_Act


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## Nats121 (Jul 19, 2017)

ANT 7 said:


> https://investor.uber.com/news-even...s-Results-for-First-Quarter-2020/default.aspx
> SAN FRANCISCO--(BUSINESS WIRE)-- Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter ended March 31, 2020.
> 
> *Financial Highlights for First Quarter 2020*
> ...


As usual, Uber hides data on the US and North American markets by limiting the data to worldwide operations only.

I have no doubt they're making a profit in the US, and with the threat of AB5 hanging over their heads, they don't want to give the impression that they're turning profits on the backs of the drivers (which of course they are).

Their cut of the rides and Eats deliveries has GROWN.

Gross rise revenue declined by net ride revenue increased.

Eats net revenue also increased.

All of those nice pay cuts are adding to Uber's bottom line.


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## The Mick (May 1, 2020)

polar2017 said:


> 2.8 billion lost in the quarter is jaw dropping.
> What's the path to profits.


LOL, what would be shocking is if Uber actually made $$$


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## goneubering (Aug 17, 2017)

The Mick said:


> LOL, what would be shocking is if Uber actually made $$$


Would you settle for sometime in the next 3 years? How about a decade?


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## SHalester (Aug 25, 2019)

goneubering said:


> Would you settle for sometime in the next 3 years? How about a decade?


as a point of reference it took Amazon 10 years to make a profit.


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## TemptingFate (May 2, 2019)

SHalester said:


> as a point of reference it took Amazon 10 years to make a profit.


https://www.cnbc.com/2019/04/30/ube...g-like-amazon-despite-its-investor-pitch.html


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## SHalester (Aug 25, 2019)

Only variables I was comparing are both were startups; both have/had many years of no profit. But yea, Amazon is much bigger.


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## The queen 👸 (Jan 2, 2020)

SHalester said:


> Only variables I was comparing are both were startups; both have/had many years of no profit. But yea, Amazon is much bigger.


I doubt Uber will ever be like amazon. Maybe I am wrong .


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## SHalester (Aug 25, 2019)

The queen &#128120; said:


> I doubt Uber will ever be like amazon. Maybe I am wrong .


well amazon has market cap of around 1 trillion. Uber is what 56b? Yeah, I don't see Uber ever catching up to Amazon in any metric.


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## The Mick (May 1, 2020)

Nats121 said:


> As usual, Uber hides data on the US and North American markets by limiting the data to worldwide operations only.
> 
> I have no doubt they're making a profit in the US, and with the threat of AB5 hanging over their heads, they don't want to give the impression that they're turning profits on the backs of the drivers (which of course they are).
> 
> ...


Uber's bookings in April were down 80%


SHalester said:


> well amazon has market cap of around 1 trillion. Uber is what 56b? Yeah, I don't see Uber ever catching up to Amazon in any metric.


have you ever thought that maybe Uber's only reason to be in Biz is so a few guys at the top, rake in the Big $$$,WS guys make $$$ trading around there stock, while drivers $uck Shit threw a straw? Take all the risks? and way, have a good day.


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## SHalester (Aug 25, 2019)

The Mick said:


> Take all the risks? and way, have a good day.


nope. It's called a corporation for a reason. They ain't in biz to make anybody happy but themselves and the big investors. That's America.


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## Stevie The magic Unicorn (Apr 3, 2018)

SHalester said:


> nope. It's called a corporation for a reason. They ain't in biz to make anybody happy but themselves and the big investors. That's America.


I've worked or several "Evil" corporations in my life, as well as been ordered to go riding into battle without a garuntee of surviving,

without any doubts... uber treated me the worst.

Heck i get free Disney world tickets all the time... All i ever got from uber is a broken link for tax software and some %)*%*tty swag.


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