Uber CEO balks after a reporter tells him the cost of his 2.9-mile Uber ride: ‘Oh my God. Wow.’::undefined
Uber’s net profit for the twelve months ending March 31st, 2023 was $-3.36bn. That’s negative 3.36 billion dollars. They posted their first ever operating profit today. August 1st, 2023.
So yeah, really cool company. Not at all some sort of horrifying demon of modern capitalism…
Pretty sure Uber’s sole existence is owed to cheap debt and a bubble in venture capital. Them and WeWork soaked investors for all they were worth and never gave a flying fig about profitability because there was always some one willing to float a cheap loan
It was a sound business idea though. Just a shitty investment idea.
The owners/founders made shitloads off it (at the expense of investors.)
They got investment because they were building a monopoly first. It really just tells you how valuable monopolies are if it wasn’t obvious enough already. It’s more reason why we can’t let monopolies happen.
I really don’t know how they are not profitable. They must waste a shit ton on self driving technology. They effectively killed a large portion of the taxi industry while now costing more. It’s not as if their app is done miracle app these days. The few taxi services that are left tend to basically have a similar app.
