Posted on 05/31/2019 6:29:05 AM PDT by C19fan
Uber Technologies Inc has reported a $1 billion loss as the ride-hailing service spends heavily to build up its food delivery and freight businesses, sending revenues up 20 per cent in its first quarterly report as a public company.
Uber's quarterly earnings report on Thursday, the company's first since going public earlier this month, was received positively by investors, with revenue beating analyst expectations.
Revenue of $3.1 billion matched the high end of the range Uber forecast for the quarter and the loss of $1.0 billion compared with the company's forecast of $1.0 billion to $1.11 billion.
(Excerpt) Read more at dailymail.co.uk ...
Amazon is selling products. Uber is coding an app and marketing it. They don’t even own their own fleet. The barrier is extremely low here. Long term unless they get government support like the taxis do/did I don’t see them being dominate and worth their valuation.
I can only speak for my area..
Argo might end up besting Uber in the autonomy market.
I have not seen Uber’s self-driving volvo’s in my area since the woman in PGH was killed crossing the road one dark morning a year or so back
I do see Argo vehicles downtown though.
This is the first I’ve heard of Argo. I’ve been hearing about Uber for years. Brand names are valuable.
I remember when Amazon was just a book seller, McDonald’s was just another hamburger joint, and Intel made a chip for a calculator.
Amazon does a lot of cloud services business. Not bad for a book seller.
I also remember when Amazon was widely trashed here on FR.
Argo is straight up startup. Their ENTIRE focus is on AI and self-driving vehicles (although I believe they do sell their AI code for other purposes in other industries).
Uber used to have a fleet of Volvo SUV’s driving all around the greater Pttsburgh area. Used to see 2-3 of them on my 30 minute commute to work every morning. But since that accident, their fleet appears “grounded”.
Should stay private. You’re at the mercy of shareholders, who can kick you out of your own business
There is NO WAY I would EVER drive for Uber, Lyft, or any of those idiots.
Maybe Uber will buy them one day.
I drive for uber, lyft, and doordash. Simultaneously.
I like it quite frankly. The smell of pizza makes me want to die after the years i spent driving it around.
That’s cool. When I broke my leg I had to rely on a ride service to get me to the doctor and back. They contracted with ‘Yellow Cab’. ALL the drivers said they much preferred doing patient transports to picking up drunks outside a bar in the middle of the night.
Equilibrium on the Uber/Lyft/GrubHub/DoorDash economy should level out IMO to someone higher pay to drivers and at least a stop in growth in customers.
Particularly the food delivery model takes a big cut out of local restaurant margins. I think there will be a mini-implosion/backlash as restaurants take back their own power if they can—though giving up the marketing through these lazy person’s delivery sites will be tough for them.
In some ways it is not that different than what Big Ag has done to local poultry farmers, for example, who end up as little more than modern-day sharecroppers.
Has that billion dollar “loss” really been quietly moved into offshore accounts to enrich the top management? What are the expenses vs. the take? They don’t have to own, maintain and insure vehicles and physical locations like the rental companies do. But I don’t hear about Hertz, Avis or Enterprise taking losses!
Amazon is doing a synod on priest marriage. You'll be forwarding your tithings to Amazon before you know it...
"Canon law expert predicts married priests in the West after Amazon Synod
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