Uber loses $2.9B, offloads bike and scooter business
techxplore.com
Uber loses $2.9B, offloads bike and scooter business
1–10 of 136 posts
Re: Uber loses $2.9B, offloads bike and scooter business
#2Best of luck to anyone working for Uber in these times.
Re: Uber loses $2.9B, offloads bike and scooter business
#3I doubt many of Uber’s casual users understand how insanely unprofitable the current business model is. 2.9 billion is 3 unicorns. Even before COVID they’ve been losing something on the order of a billion a year.
It’ll be interesting to see if they can turn this around.
Re: Uber loses $2.9B, offloads bike and scooter business
#4I'd rather rent a bike or scooter right now than get in a stranger's car. I don't get it.
Re: Uber loses $2.9B, offloads bike and scooter business
#5"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."
So a loss of $1.1bn is an improvement on $1.4 last quarter, not including write-downs associated with investments in Didi and Grab. This explains why the stock went up not down after earnings.
>https://www.marketwatch.com/press-release/uber-plows-forward...
Re: Uber loses $2.9B, offloads bike and scooter business
#6Uber never had $2.9B to lose.
Re: Uber loses $2.9B, offloads bike and scooter business
#7I doubt many of Uber’s casual users understand how insanely unprofitable the current business model is. 2.9 billion is 3 unicorns. Even before COVID they’ve been losing something on the order of a billion a year. It’ll be interesting to see if they can turn this around.
I wonder what it takes to take down Uber and alike. These companies keep losing money but still going on.
Is it possible that they pivot the whole business to Uber Eats only?
Re: Uber loses $2.9B, offloads bike and scooter business
#8Could someone w/ an understanding of accounting add to this report? Uber is "offloading" bike/scooter business to Lime, but also making an investment in Lime... is this just a way to hide losses? Essentially paying Lime to take the red off Uber's balance sheet, while maintaining an option in the micromobility market?
Re: Uber loses $2.9B, offloads bike and scooter business
#9First, they were gonna make the jump to be an autonomous robotaxi service, but that's going nowhere fast.
Then they were going to be mobility service - cars, bikes, scooters, everything would go through them. But no more.
So what are they going to be now? Just milk their taxi service until Waymo, Tesla or whoever comes and wipes them off the market? Honestly, what are their long-term prospects? I've been staying away from Uber stock because they have a market cap of 50B. They're not going to be paying dividends, so what's going to make them be a 100-200B company?
Re: Uber loses $2.9B, offloads bike and scooter business
#10I doubt many of Uber’s casual users understand how insanely unprofitable the current business model is. 2.9 billion is 3 unicorns. Even before COVID they’ve been losing something on the order of a billion a year. It’ll be interesting to see if they can turn this around.
What would qualify as a turn around? If three years from now they are a $50 million company that's profitable, would that work?