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Started By
Message
Uber is reportedly losing boatloads of money
Posted on 6/30/15 at 10:01 am
Posted on 6/30/15 at 10:01 am
quote:
Uber is reportedly operating at a loss of close to half a billion dollars, according to a bond prospectus viewed by Bloomberg.
The Bloomberg report showed $470 million in operating losses with $415 million in revenue, but the report said it was not clear whether the numbers were the results of one quarter, a full year, or some other time period. Nor does it say when the financial numbers are from.
"These are substantially old numbers that do not reflect business activities today," an Uber representative told Business Insider. The company declined to clarify the time period or time frame for the numbers, but it has said the prospectus was not being distributed by Uber.
Last week, The Wall Street Journal reported that the ride-hailing app was raising new funding from the Chinese investment management firm Hillhouse Capital Group. It was rumored that the amount could be as high as $1 billion, though another source told The Journal the final investment was likely to be "hundreds of millions of dollars."
The investment with Hillhouse could be a sign Uber is thinking of going public soon.
LINK
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Posted on 6/30/15 at 10:03 am to Street Hawk
How can they possibly be losing that much money ?
Posted on 6/30/15 at 10:03 am to Street Hawk
How are they losing money? They have little overhead. Is it all the free rides?
Posted on 6/30/15 at 10:03 am to Street Hawk
quote:How the frick does a company like that lose half a billion?
The Bloomberg report showed $470 million in operating losses
Posted on 6/30/15 at 10:04 am to Street Hawk
What a terrible, inconclusive, worthless financial report.
Posted on 6/30/15 at 10:05 am to Street Hawk
quote:Are they even sure that the numbers were from Uber?
but the report said it was not clear whether the numbers were the results of one quarter, a full year, or some other time period. Nor does it say when the financial numbers are from
Posted on 6/30/15 at 10:06 am to Cosmo
quote:
Is it all the free rides?
I havent taken a ride more than 10-12 bucks. And I have probably only paid for about half the rides I have been on. If even that many.
This post was edited on 6/30/15 at 10:07 am
Posted on 6/30/15 at 10:10 am to Street Hawk
Exxon is allegedly reporting a loss of $269 billion. We have no confirmation from Exxon but a guy at Forbes said he heard it from his favorite hot dog cart owner. More news to come shortly.
Signed,
British Petroleum
Signed,
British Petroleum
Posted on 6/30/15 at 10:14 am to Street Hawk
I'm not familiar with their structure, but aren't their only expenditures running the website and apps, legal fees, and maybe CC fees?
Posted on 6/30/15 at 10:14 am to Street Hawk
quote:
$470 million in operating expenses with $415 million in revenue
Makes a lot more sense to me.
Posted on 6/30/15 at 10:20 am to Street Hawk
Not a big surprise that Uber would be operating at a loss right now. They are in highly competitive market for labor (both developers and drivers) and for riders. It's probably worth it in the short term to lose money to get as much market share as possible in as little time as possible and squeeze out less funded competitors.
Posted on 6/30/15 at 10:21 am to Street Hawk
It's all lies
Posted on 6/30/15 at 10:27 am to TigerWise
Posted on 6/30/15 at 10:28 am to ForeverLSU02
quote:
How the frick does a company like that lose half a billion?
creative accounting.
its like how Fox claimed The Empire Strikes Back was a money loser for the studio.
Posted on 6/30/15 at 10:29 am to Street Hawk
When your business model involves hiring rapists and dope peddlers, you've got a lot of settlements to pay out.
Posted on 6/30/15 at 10:32 am to Street Hawk
quote:
The Bloomberg report showed $470 million in operating losses with $415 million in revenue
Tax bill: zero point zero
Posted on 6/30/15 at 10:36 am to Street Hawk
They aren't losing that much money.
If they do keep losing though, they will go under and something else will take their place. Love how that works.
And either way, it's helping to make the traditional cab companies become better. Much needed in N.O. where the cab companies thought they could have their unions buy off city leaders forever and never have to make any changes.
If they do keep losing though, they will go under and something else will take their place. Love how that works.
And either way, it's helping to make the traditional cab companies become better. Much needed in N.O. where the cab companies thought they could have their unions buy off city leaders forever and never have to make any changes.
Posted on 6/30/15 at 10:39 am to notiger1997
quote:
They aren't losing that much money.
If they do keep losing though, they will go under and something else will take their place. Love how that works.
And either way, it's helping to make the traditional cab companies become better. Much needed in N.O. where the cab companies thought they could have their unions buy off city leaders forever and never have to make any changes.
Also, they are being sued for vicarious liability on some significant injury claims so they don't want to show assets until they get the liability issues worked out.
Posted on 6/30/15 at 10:53 am to Hammertime
You forgot a very expensive non-owned auto liability policy, providing auto liability coverage for Uber during the duration of every ride they provide across the country.
Uber actually put the entire policy out for public review, it is rated per ride booked and protects Uber and its independent contractor driver ONLY for the period from accepting a ride till drop off.
The short term insurance policy is for Uber's interest only. As for tge drivers, the insurance industry is adding exclusions to clarify a driver using his using a personal vehicle as an unlicensed livery/cab was never intended to be covered. Uber drivers are finding out the hard way they have little or no insurance when they drive for their own interest (e.g. physical damage, and while waiting or in between rides) and will either be cancelled at some point or be involved in an uncovered accident.
Like Mark Cuban and another Fidelity Investments fund manager have said, Uber is just an app that coordinates unlicensed/gypsy cabs, with no profit, yet it's valuation is supposed to exceed the value of all the taxi medallions in New York city?
Uber actually put the entire policy out for public review, it is rated per ride booked and protects Uber and its independent contractor driver ONLY for the period from accepting a ride till drop off.
The short term insurance policy is for Uber's interest only. As for tge drivers, the insurance industry is adding exclusions to clarify a driver using his using a personal vehicle as an unlicensed livery/cab was never intended to be covered. Uber drivers are finding out the hard way they have little or no insurance when they drive for their own interest (e.g. physical damage, and while waiting or in between rides) and will either be cancelled at some point or be involved in an uncovered accident.
Like Mark Cuban and another Fidelity Investments fund manager have said, Uber is just an app that coordinates unlicensed/gypsy cabs, with no profit, yet it's valuation is supposed to exceed the value of all the taxi medallions in New York city?
Posted on 6/30/15 at 10:54 am to upgrayedd
quote:
Exxon is allegedly reporting a loss of $269 billion. We have no confirmation from Exxon but a guy at Forbes said he heard it from his favorite hot dog cart owner. More news to come shortly.
Signed,
British Petroleum
I cane here to write something similar but your is better. This is yet another example of how there is no longer such a thing as journalism. This guy heard they MIGHT be losing money but can't confirm the source of info, the time frame or even that the numbers are correct. HOW THE frick does an Editor allow this to go out? Didn't anyone learn anything from the Rolling Stone debacle? Guess not.
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