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Profits in this case are one-time gains from exiting some of the largest markets in the world. From a better article (1): “But there’s a big caveat with that
by WisNorCan 8y ago
Profits in this case are one-time gains from exiting some of the largest markets in the world.
From a better article (1):
“But there’s a big caveat with that figure. Uber gained $2.9 billion after it merged its businesses in Russia and Southeast Asia with local competitors.
... Excluding gains from Uber’s deals with Yandex in Russia and Grab in Southeast Asia, the company lost about $480 million, down from $1.1 billion in losses in the previous quarter”
So, the losses have narrowed, but that is expected as the markets Uber is competing in has been reduced. Didi is interestingly going to go after South America one of Uber’s best markets.
(1) https://www.recode.net/2018/5/23/17380952/uber-2018-financials-yandex-grab-softbank https://www.recode.net/2018/5/23/17380952/uber-2018-financia...
- misun78 8y agoTop line grew by 70% YOY so the reduction in losses cannot be attributed just to Uber exiting markets (which would correspond to reduced growth). 70% increase in bookings with 55% reduction in losses is pretty remarkable.
- gamblor956 8y agoPer prior reporting via TechCrunch, Uber is apparently profitable in the U.S. with respect to its rideshare business, and break-even or close to break-even on UberEats. The international operations and self-driving fiasco were the big monetary sinkholes.