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For comparison, Uber is still not profitable after 15 years or so. Give it some time.

Tepix 2y ago
Time for them to finally disappear
jefftk 2y ago
Uber had their first profitable year in 2023, and their profit margin was 22% in 2024. https://finance.yahoo.com/news/uber-technologies-full-2024-earnings-132735851.html https://finance.yahoo.com/news/uber-technologies-full-2024-e...
- datavirtue 2y ago
  They are still FAR in the red. Technically have never turned a profit. Among other famous companies.
  - jefftk 2y ago
    I'm not a finance person, but how is net income of $9.9B for FY 2024 not profit?
    - ecedeno 2y ago
      I assume they mean the profits in the past couple years are dwarfed by the losses that came before. Looking at the company's entire history, instead of a single FY.
      - jefftk 2y ago
        Maybe? But that's not what anyone means when they describe a company as profitable or not. I was guessing they meant something like the net profit only came from a weird tax thing or something.
        UncleEntity 2y ago
        Seems like the difference between a profitable investment and a profitable company. They invested tens of billions of dollars in destroying the competition to be able to recently gain a return on that investment. One could either write off that previous spending or calculate it into the totality of "Uber". I don't know how Silicon Valley economics works but, presumably, a lot of that previous spending is now in the form of debt which must be serviced out of the current profits. Not that I'm stating that taking on debt is wrong or anything.
        jefftk 2y ago
        To the extent that their past spending was debt, interest on that debt that should already be accounted for in calculating their net income. But the way it usually works for Silicon Valley companies and other startups is that instead of taking on debt they raise money through selling equity. This is money that doesn't have to be paid back, but it means investors own a large portion of this now-profitable company.
  - sib 2y ago
    Uber is a profitable company both in 2023 and - to the tune of billions of dollars - in 2024. Please read their financials if you doubt this statement.
wkat4242 2y ago
I'm surprised. They pay the drivers a pittance. My ex drove Uber for a while and it wasn't really worth it. Also, for the customers it's usually more expensive and slower than a normal taxi at least here in Spain. The original idea of ride-sharing made sense but just like airbnb it became an industry and got enshittified.
- ghaff 2y ago
  My sense in London is that they’re pretty comparable. I’ll use whichever is more convenient.
  - wkat4242 2y ago
    They're usually a bit more expensive here than a taxi. It can be beneficial because sometimes they have deals, and I sometimes take one when I have to book it in advance or when I'm afraid there will be delays with a corrsponding high cost. Though Uber tend to hit me with congestion charges then too. At least with a taxi I can ask them to take a different route. The problem with the uber drivers is that they don't know any of the street names here, they just follow the app's navigation. Whereas taxi drivers tend to be much more aware and know the streets and often come up with suggestions. This also means that they sometimes fleece tourists but when they figure you know the city well they don't dare :) Often if they take one wrong turn I make a scene about frowning and looking out of the window and then they quickly get back on track. Of course that's another usecase where uber would be better, if you don't know the city you're in.
    - fragmede 2y ago
      > they sometimes fleece tourists yeah thanks no, I'm paying for an Uber. For all the complaints over Ubers business practices, it's hard not to forget how bad taxis were. Regulatory capture is a clear failure mode of capitalism and the free market and that is no more shown than by the taxis cab industry.
      - wkat4242 2y ago

Time for them to finally disappear

Uber had their first profitable year in 2023, and their profit margin was 22% in 2024. https://finance.yahoo.com/news/uber-technologies-full-2024-earnings-132735851.html https://finance.yahoo.com/news/uber-technologies-full-2024-e...

datavirtue 2y ago
They are still FAR in the red. Technically have never turned a profit. Among other famous companies.
- jefftk 2y ago
  I'm not a finance person, but how is net income of $9.9B for FY 2024 not profit?
  - ecedeno 2y ago
    I assume they mean the profits in the past couple years are dwarfed by the losses that came before. Looking at the company's entire history, instead of a single FY.
    - jefftk 2y ago
      Maybe? But that's not what anyone means when they describe a company as profitable or not. I was guessing they meant something like the net profit only came from a weird tax thing or something.
      - UncleEntity 2y ago
        Seems like the difference between a profitable investment and a profitable company. They invested tens of billions of dollars in destroying the competition to be able to recently gain a return on that investment. One could either write off that previous spending or calculate it into the totality of "Uber". I don't know how Silicon Valley economics works but, presumably, a lot of that previous spending is now in the form of debt which must be serviced out of the current profits. Not that I'm stating that taking on debt is wrong or anything.
        jefftk 2y ago
        To the extent that their past spending was debt, interest on that debt that should already be accounted for in calculating their net income. But the way it usually works for Silicon Valley companies and other startups is that instead of taking on debt they raise money through selling equity. This is money that doesn't have to be paid back, but it means investors own a large portion of this now-profitable company.
- sib 2y ago
  Uber is a profitable company both in 2023 and - to the tune of billions of dollars - in 2024. Please read their financials if you doubt this statement.

wkat4242 2y ago

I'm surprised. They pay the drivers a pittance. My ex drove Uber for a while and it wasn't really worth it. Also, for the customers it's usually more expensive and slower than a normal taxi at least here in Spain. The original idea of ride-sharing made sense but just like airbnb it became an industry and got enshittified.

ghaff 2y ago
My sense in London is that they’re pretty comparable. I’ll use whichever is more convenient.
- wkat4242 2y ago
  They're usually a bit more expensive here than a taxi. It can be beneficial because sometimes they have deals, and I sometimes take one when I have to book it in advance or when I'm afraid there will be delays with a corrsponding high cost. Though Uber tend to hit me with congestion charges then too. At least with a taxi I can ask them to take a different route. The problem with the uber drivers is that they don't know any of the street names here, they just follow the app's navigation. Whereas taxi drivers tend to be much more aware and know the streets and often come up with suggestions. This also means that they sometimes fleece tourists but when they figure you know the city well they don't dare :) Often if they take one wrong turn I make a scene about frowning and looking out of the window and then they quickly get back on track. Of course that's another usecase where uber would be better, if you don't know the city you're in.
  - fragmede 2y ago
    > they sometimes fleece tourists yeah thanks no, I'm paying for an Uber. For all the complaints over Ubers business practices, it's hard not to forget how bad taxis were. Regulatory capture is a clear failure mode of capitalism and the free market and that is no more shown than by the taxis cab industry.
    - wkat4242 2y ago