On an average cost basis that includes fixed costs, yes, Uber was losing money on each ride. But on a variable cost basis, Uber was making money. Each additiona

On an average cost basis that includes fixed costs, yes, Uber was losing money on each ride. But on a variable cost basis, Uber was making money. Each additional ride served was bringing them closer, not further, from profitability. Gross margins were positive even if overall margins were negative.