> Uber's global ride-share business was margin positive last quarter, which is a flip from Q1. I think this means that the cost associated with an avg ride was

> Uber's global ride-share business was margin positive last quarter, which is a flip from Q1. I think this means that the cost associated with an avg ride was less than Uber charged for the ride. "R&D overhead" is all the software engineers and PMs and UX people and VPs. Let's say there are 5,000 of those and each costs $300k/yr on avg, that's $1.5B/yr + offices, servers, etc. which they're losing every year. If they can further scale up the number of rides (and keep it margin positive), eventually they'll be able to finance the "R&D overhead" from the margin, and actually be overall net positive. (Or, bring down the costs by getting rid of drivers. Or, push into adjacent markets like food.) If you believe in this, then Uber is worth more than -X to you. (Lots of people actually do, so it's actually worth sth like $50B+.)