Losses may or may not get worse. AFAIK, they have gotten better every quarter since China was sold off. Assuming steady state or steady state of change are both

Losses may or may not get worse. AFAIK, they have gotten better every quarter since China was sold off. Assuming steady state or steady state of change are both reasonable ways of forecasting. A strong trend line spanning several quarters better supports the latter in this case. For what's its worth, I recently saw losses as a percent of gross bookings posted elsewhere: Lyft at 13% vs Uber at 8.5%. Are you assuming that Lyft will increase subsidies after this new round of funding? If so, that will only worsen its losses as a percent of gross bookings. Furthermore, that isn't Lyft's biggest round. They raised $1B in January 2016. Uber just needs to remain more efficient than its competition in all markets, which is easier to do with global operations and multiple business lines that are easy to scale out.