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Featured Uber losses widen to the tune of $743 million last quarter

Discussion in 'News' started by BurgerTiime, Nov 28, 2017.

  1. BurgerTiime

    BurgerTiime Well-Known Member

    Location:
    Minneapolis
    Driving:
    Lyft
    https://www.cnbc.com/2017/11/29/ubers-third-quarter-loss-widens-to-743-million.html
    [​IMG]
    Losses were up 14 percent from the previous quarter.

    Uber's quarterly adjusted losses widened to $743 million, up 14 percent from the previous quarter, the Financial Times reported on Tuesday.

    The ride-hailing company's third-quarter net revenue stood at $2 billion, up 14 percent from the previous quarter, the FT reported citing new documents sent to shareholders.

    Uber's quarterly gross bookings were $9.7 billion, the FT reported.
    Uber’s quarterly losses jumped nearly 40 percent to $1.46 billion ahead of a massive private stock sale
    https://www.recode.net/2017/11/28/16713430/uber-losses-softbank-stock-third-quarter

    Uber lost more than $1 billion two quarters in a row, newly disclosed financials reveal. The ride-hail company widened its net losses to $1.46 billion, up from $1.06 billion in the second quarter.
    That increase in losses could be attributed in part to increased competition from its global rivals. In the U.S., Lyft has been investing a great deal of resources into gaining marketshare, Uber CEO Dara Khosrowshahi recently said at the New York Times DealBook conference.

    “The U.S. is very, very competitive right now between us and Lyft, so I don’t see the U.S. as being a particularly profitable market for the next six months,” Khosrowshahi said.

    Khosrowshahi also said the company is facing similar problems in regions like Southeast Asia where Uber is competing with Grab.

    “The economics of that market are not what we want them to be,” Khosrowshahi said. “I think it’s over-capitalized at this point. We’re going in, and we’re leaning forward. But I‘m not optimistic that market is going to be profitable any time soon.”
    Bloomberg first reported the numbers, which were included in a tender offer document a SoftBank-led group of investors sent to shareholders on Tuesday evening. Uber is seeking to sell some new and existing shares to the Japanese giant, though a deal remains tentative.

    The company’s net revenue for the third quarter was $2 billion, up from $1.66 billion in the previous quarter.

    One bright spot was a big uptick in demand with $9.71 billion in gross bookings in the third quarter, up from $8.74 billion in the previous three months.

    Khosrowshahi is hoping to take the company public by 2019, which means he has a lot of work to do to fix the business before then.
     
    Lord Summerisle and tohunt4me like this.
  2. SEAL Team 5

    SEAL Team 5 Well-Known Member

    Location:
    Phoenix
    Driving:
    Livery
    I suppose all those attorney fees are starting to add up.
     
  3. tohunt4me

    tohunt4me Well-Known Member

    Location:
    new orleans , la.
    Thats money STOLEN FROM DRIVERS BURNING THERE !

    Uber forced driver subsidy of cheap rides !
    Midnight weekly " contract change" anyone ?

    They should have " AUTONOMOUS ATTORNEYS" by now !
    Robot Lawyers

    Since Uber thinks Robots will solve their problems as quickly as Uber creates them !

    " LOWER RATES MEAN MORE MONEY"!
     
  4. grams777

    grams777 Moderator Moderator

    Location:
    Nashville
    It looks like Uber will need to take another 15-20% of the fares while keeping all other expense levels the same just to break even. It sure seems like a lot of overhead for what it does.
     
  5. Mears Troll Number 4

    Mears Troll Number 4 Well-Known Member

    Location:
    Orlando-ish
    Driving:
    Taxi

    Time to keep 90% of the surge increase...



    OMG...


    BurningMoney.jpg

    Also... this is a really crappy photochop...

    in all honest i'm about 65% sober right now sitting at home...
     
    NYCY, Cableguynoe, mrpjfresh and 4 others like this.

  6. uberdriverfornow

    uberdriverfornow Well-Known Member

    Location:
    no
    lol competition ??? it's only two companies, what competition ?

    there is no path to profitability having rates this low and trying to nickel and dime drivers with the UberPool scam, and being such a dbag company that drivers keep leaving in hordes and you have to keep throwing money away to get new drivers to drive
     
  7. tohunt4me

    tohunt4me Well-Known Member

    Location:
    new orleans , la.
    and they dont even do it RIGHT !

    Their gps is Horrible !
     
    Last edited: Nov 29, 2017
    Pooooobear and Uberyouber like this.
  8. grams777

    grams777 Moderator Moderator

    Location:
    Nashville
    About $1,000 buys an Uber clone app. I say just scrap Uber & Lyft and start over for $1,000. Forget the $1 billion a quarter loss in overhead, Volvo fleets, and pool parties.
     
    tohunt4me likes this.
  9. tohunt4me

    tohunt4me Well-Known Member

    Location:
    new orleans , la.
    And WE SUPPORT THESE LOSERS !
     
    Yam Digger, Pooooobear and roadman like this.
  10. Kodyhead

    Kodyhead Well-Known Member

    Location:
    Broward Couny, FL
    Driving:
    UberLUX
    Starting to worry about my badges now, I need to figure out how to protect my assets
     
  11. tohunt4me

    tohunt4me Well-Known Member

    Location:
    new orleans , la.
    TIME TO DRAIN THE UBER SWAMP !
     
  12. grams777

    grams777 Moderator Moderator

    Location:
    Nashville
    Screen shot them, put them on a plaque, and hang them up at your next job.
     
  13. tohunt4me

    tohunt4me Well-Known Member

    Location:
    new orleans , la.
    Virtual badges are like virtual money.
    Backed by NOTHING and VALUELESS.
     
    Swerves and Uberyouber like this.
  14. Kodyhead

    Kodyhead Well-Known Member

    Location:
    Broward Couny, FL
    Driving:
    UberLUX
    That's stupid, I was thinking of getting them tattooed on my arm or leg and would consider my neck
     
  15. Buckiemohawk

    Buckiemohawk Well-Known Member

    Location:
    orlando
    A ten dollar ride in Uber actually cost the company 25 dollars. They will always lose money. No matter what they do they are a leaking ship.
     
  16. Coca-Cola

    Coca-Cola Member

    Location:
    Mars
    They need to raise Uber service fee from 25% to 45%.
     
    emdeplam likes this.
  17. tohunt4me

    tohunt4me Well-Known Member

    Location:
    new orleans , la.
    Drivers need to create their own app. And thank Uber for clearing the legal hurdles in order to allow us to do so !


    NOW or NEVER $!
     
  18. Sloven1

    Sloven1 Member

    Location:
    Atlanta GA
    Uber protocol requires drivers to tattoo badges across their foreheads in reverse so riders can easily see their driver's accomplishments in the rear view mirror.
     
  19. Jesusdrivesuber

    Jesusdrivesuber Well-Known Member

    Location:
    close to mongolia
  20. tohunt4me

    tohunt4me Well-Known Member

    Location:
    new orleans , la.
    Uber & Tornados.

    Both redistribute Holdings . . .

    Just a " market Adjustment".

    So is an Earthquake.
     

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