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Started By
Message
re: Uber is reportedly losing boatloads of money
Posted on 6/30/15 at 10:55 am to tigerpimpbot
Posted on 6/30/15 at 10:55 am to tigerpimpbot
quote:
The Bloomberg report showed $470 million in operating losses with $415 million in revenue
Tax bill: zero point zero
YEP.
They are making money hand over fist at this point.
1
Posted on 6/30/15 at 10:56 am to GoIrish02
quote:
he 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.
do you have links to this?
Posted on 6/30/15 at 10:57 am to Street Hawk
That's crazy. Uber is expensive
Posted on 6/30/15 at 11:10 am to Cosmo
They are spending boat loads on funding the ground war. Excerpts from this week's Business Week...
How Uber Takes Over a City - Business Week
quote:
It has 250 lobbyists and 29 lobbying firms registered in capitols around the nation, at least a third more than Wal-Mart Stores.
It’s nearly impossible to calculate Uber’s ground war costs because many cities and states don’t require the disclosure of lobbying costs. Those that do show that influencing policy doesn’t come cheap. Take Texas. In 2013, Uber had no registered lobbyists in the state. Last year, it reported 14, and so far this year, that’s grown to 28 who have registered to work on Uber’s behalf, with contracts that could total $420,000 to $945,000, according to the filings, more than Philip Morris and Pfizer. In the past year, Uber spent $208,000 in Maryland and $684,000 in California.
City-level battles can be costly, too. Last year, Uber put more than $600,000 into a voter referendum in Seattle and spent $314,000 lobbying in Washington, D.C. The Portland campaign looks quaint by comparison. Uber reported spending about $68,000 on outside lobbyists in Portland and Oregon in the last two quarters.
How Uber Takes Over a City - Business Week
Posted on 6/30/15 at 11:11 am to jbgleason
Too much smoke. Uber is gonna end up being fricked one way or another.
Sucks. I love them and will never use a cab if uber is available.
Sucks. I love them and will never use a cab if uber is available.
Posted on 6/30/15 at 11:15 am to captainahab
quote:
City-level battles can be costly, too. Last year, Uber put more than $600,000 into a voter referendum in Seattle and spent $314,000 lobbying in Washington, D.C. The Portland campaign looks quaint by comparison. Uber reported spending about $68,000 on outside lobbyists in Portland and Oregon in the last two quarters.
Well, when entrenched industries team up to do everything in their power to smear you, you have to spend some dough to put yourself out there.
Posted on 6/30/15 at 11:18 am to CptBengal
Posted on 6/30/15 at 11:22 am to CptBengal
Also don't know how much of those losses are paper. Cash flow will look much better.
Posted on 6/30/15 at 11:40 am to RemouladeSawce
In cities that have LYFT, Lyft > Uber in price.
Posted on 6/30/15 at 11:52 am to GoIrish02
quote:
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
The commercial use exclusion has already been in standard auto policies for as long as I can remember.
Posted on 6/30/15 at 11:52 am to More beer please
quote:
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.
How so? Multiple accounts for the first ride credit? Or people actually using your referral code?
Posted on 6/30/15 at 11:55 am to Street Hawk
I don't understand how they could possibly lose money. Maybe the free rides aren't producing returns like they thought they would, but that's about it.
Posted on 6/30/15 at 12:02 pm to ForeverLSU02
quote:
How the frick does a company like that lose half a billion?
They have spent a lot of time on lawsuits to be able to have their business in certain markets
Posted on 6/30/15 at 12:05 pm to Street Hawk
My god investigative reporting has truly gone by the wayside.
Posted on 6/30/15 at 12:06 pm to Street Hawk
quote:
Uber is reportedly losing boatloads of money by Street Hawk
When Uber came to BR I figured they would turn a profit off LSU students alone.
Posted on 6/30/15 at 12:09 pm to Topwater Trout
They lose money on every ride they give in China right now.
Posted on 6/30/15 at 12:26 pm to Street Hawk
Old info not losing money.
Posted on 6/30/15 at 12:38 pm to Hammertime
quote:
CC fees?
I think a lot of people don't know this, but CC fees are tax deductible. I pay cc fees, but get them back on my taxes. Any good CPA or competent filer would know that.
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