Posted on 08/14/2019 7:29:51 AM PDT by C19fan
Uber set two dubious quarterly records on Thursday as it reported its results: its largest-ever loss, exceeding $5 billion, and its slowest-ever revenue growth.
The double whammy immediately renewed questions about the prospects for the company, the world’s biggest ride-hailing business. Uber has been dogged by concerns about sluggish sales and whether it can make money, worries that were compounded by a disappointing initial public offering in May.
For the second quarter, Uber said it lost $5.2 billion, the largest loss since it began disclosing limited financial data in 2017. A majority of that — about $3.9 billion — was caused by stock-based compensation that Uber paid its employees after its I.P.O.
(Excerpt) Read more at nytimes.com ...
This is the company that, when breached by hackers, agreed to pay a $100k ransom, and NOT inform their 600,000 drivers that their driver license information had been stolen, nor their 57,000,000 customers that their names, addresses, and phone numbers were taken.
They were fined by the attorneys general of all 50 states for concealing the breach.
Anyone who invested in the Uber IPO based on financial reporting that Uber reported deserves to lose money.
Garbage company with garbage management.
https://en.wikipedia.org/wiki/Tyranny_of_numbers
I was involved in swarming technology, and it has limited promise.
Some call it AI
And yet they're talking about building autonomous cars without steering wheels.
As for the Übermobile that ran down and killed the pedestrian...there was a driver there who should have taken over, but wasn't paying attention to anything but his phone. Oops!
Uber Stupid!
I demand manual override.
I loved the scene in Apollo 13 when everyone pulled out their slide rules. I still have my HP 12c, the only bit of technology I ever owned that is not obsolete after nearly 4 decades.
I like it too. :)
What monopoly? There’s always taxis, the bus, the train, a friend, walk or drive yourself. Who wants to get into a stranger’s car? That’s the beginning of scary movies.
They don’t raise prices 25 percent because then they couldn’t undercut taxis.
Taxis charge what they do because that really is the bare minimum cost of the ride. No one is getting rich driving a cab. The good ones can earn a modest living.
The illegal game is to undercut taxis until they are dead. Taxis dont have billions in venture capital to burn through. It’s absolutely illegal and criminal but enough politicians seems to have been paid off and enough gullible unicorn believers have kept it afloat.
Super high executive compensation and spending loads for marketing. It’s a poor business model for everyone but the execs!
Uber paid its top five executives $143 million in total compensation last year.
How’s that song go “Take the Money & Run....”!
Wow, that is staggering. I worked for a couple of startup companies with “Liquidation Preferences” that paid out the founders and the VCs very handsomely if the company was acquired or went public. The employees, who did all the work, got almost nothing. Neither of the companies went public or got acquired.
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