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Still blows my mind that Uber's first reported quarterly earnings that showed a profit in its entire history was Q2 2023[1]. And the company was founded in 2009
by cableshaft 3y ago
Still blows my mind that Uber's first reported quarterly earnings that showed a profit in its entire history was Q2 2023[1]. And the company was founded in 2009. They've been losing money for well over a decade and yet still getting wave after wave of cash from investors.
[1]: https://techcrunch.com/2023/08/01/uber-reports-first-quarterly-operating-profit/ https://techcrunch.com/2023/08/01/uber-reports-first-quarter...
- lotsofpulp 3y agohttps://www.crunchbase.com/organization/uber/company_financials https://www.crunchbase.com/organization/uber/company_financi... >Their latest funding was raised on Sep 14, 2020 from a Post-IPO Debt round. I would not even count that since "getting wave after wave of cash from investors" usually means receiving cash in exchange for equity, not borrowing money. It seems the most recent cash they received from investors was at IPO in May 2019, and before that, Softbank in Jan 2018: https://www.investopedia.com/articles/personal-finance/111015/story-uber.asp https://www.investopedia.com/articles/personal-finance/11101...
- cableshaft 3y agoYour own link shows that they've had 32 funding rounds. I'm sure they've had an increasingly smaller burn rate in recent years, as they've gotten closer and closer to profitability, and thus required less cash less often (also if the funding round is large enough, they'd need to do it less often), but I'd consider 32 funding rounds wave after wave of cash from investors to me. That's even more rounds than I assumed, that's more than 2 each year on average.