Uber Finally Makes a Profit... What Took So Long?

[@Roanmonster]

Car dependency sucks, the way to get rid of uber is to improve public transit

[@bzuidgeest]

Uber or taxis are much more flexible. Busses only go certain routes. A taxi can drop you off anywhere.

[@milomhoek]

@@bzuidgeest If you have good public transportation than you can reach everywhere with it

[@JackHankeAnd]

@@milomhoek That's just objectively not true. You clearly cannot reach every isolated place with a tiny population with any remotely sensible and sustainable transit network. And if you do attempt to do that, people will be either driving buses that are empty a large percentage of the time - which is far worse than car dependence! - or the routes will be highly inefficient and take much longer than people merely driving to their own private destinations. Every sensible planner acknowledges that both public and private forms of transportation are necessary. The question is what mix is optimal, and how to build that mix.

[@bzuidgeest]

@@milomhoek I have never heard of a country where public transport isn't based on fixed routes. A good system gets you in the neighborhood, but it's hardly door to door.

[@AggroJordan86]

As a European, I think I can chip in here. Taxis, Uber and the like are still ver much a thing here. (a) convenience is always a trump card for the financially affluent (b) even with great public transport, certain routes are just not very practical. HOWEVER (😄), having seen the role Uber/Lyft take in the US or Grab in Southeast asia, Europe isn't nearly anywhere close to that. So I think the valuation would be much lower, had the US got a great public transport system.

[@0xCAFEF00D]

I think you really have to question if an app that curates taxi drivers is worth 89 billion dollars.

[@thechosenone1533]

Is an app that curates taxi drivers across hundreds of countries across the world with millions of passengers everyday,getting a cut of the fare in every trip worth 89 billion dollars? It certainly can.

[@legallyblind393]

Taxis, flying, food delivery and package delivery. Not exactly just “taxis”

[@thechosenone1533]

@@weird-guy Not everyone uses it multiple times a month. Most people use either public transport or their own vehicles. For most people, Uber is used occasionally like coming back drunk from a party, going to the airport or when you are in a new city.

[@Frzned9x]

​@@weird-guy let's look at the real stats instead of fantasy, uber is making a profit using EBITDA (Earnings before interest, taxes, depreciation, and amortization) Which basically legal speak for "if you cut all the cost we are profitable" So in reality, they are making a -5$ loss for every ride, they wont increase the money because that means becoming more expensive than taxis. And they are "only" bleeding billions of dollar by underpaying/not paying the drivers. It's a failed model that will never be profitable. P/s: Uber actually doesnt use EBITDA, they use "Adjusted EBITDA", meaning that the scam accounting process EBITDA is still too damning for their business, and they have to remove further costs for their "net proft" calculation.

[@deonwalker6270]

Careful not to confuse yourself with "most people", guy.

[@supersam5802]

Can’t wait to ditch Uber for the next loss leading company that comes in to compete, I hate corporations

[@Lemmy4555]

no need for that, we just need 2/3 more competitors

[@supersam5802]

@@Lemmy4555 nah we need that, corporations are more efficient at wealth extraction than ever

[@danielwebb8402]

You hate corporations that run at a loss to subsidise you / give you charity?

[@jeevacation]

@@danielwebb8402 well their end goal is monopoly. If the government is strong on monopoly then I don't care but many governments only care about them on the surface.

[@supersam5802]

@@danielwebb8402 I hate corporations, but if a corporation is going to engage in an exploitable behavior that can benefit non corporations I’m a fan of that specific case. I am also a fan of corporations giving charity even though it’s just a pr campaign or tax loophole the vast majority of the time

[@calebbearup4282]

Fyi if you buy a new printer every black Friday it actually is cheaper than buying ink for last year's printer

[@theprovost]

If you only print b&w, get a laser printer. A bit pricier at the start but the toners are cheap and the printers last forever

[@bzuidgeest]

​@@theprovosteven color lasers are cheap these days and the toner cartridge is much more economical than ink cartridges. I don't get why those are even still sold. Maybe people are just that stupid.

[@cadekachelmeier7251]

The ink cartridges for new printers usually have less ink than their other cartridges for this reason.

[@subramaniamramasubramanian877]

I hated taking taxis in Chennai when I was a younger because fare regulation just didn't work. The driver would blatantly ask for more money depending on how gullible you looked and how bad you need the ride. When Uber came up with the concept of surge pricing AFTER completely dominating the market, I hated them from that very instant and will never go back on that. Governments around the world should simply invest in public transport and get companies like this out.

[@jpmeyer09]

just use public transit then. they use your money too

[@HenryMidfields]

I only occasionally use Uber or Amazon if I don't have any other choice. Turns out, there are a lot of other choices. Public transport in Sydney is more or less doable, and when that's not possible, I can sometimes ask friends for rides if I am going to, or returning from a get together event. As for books, I try to buy secondhand from either Betterworld Books, from my local bookstore, or from Koshoten if I need a book from Japan (my home country). Or from EBay. Out of 10-15 books I ordered this year, only 3 were from Amazon.

[@enkephalin07]

Don't forget their advertising on the backseat monitors. Every taxi service has that now.

[@FasterDrivers]

There is a better way to do that. God, people at Uber and DD are stupid!

[@CTCTraining1]

Not sure about wearing hats indoors .. only time I did it was while my partner was learning hairdressing and they needed someone to practice on.

[@lilytea3]

1:21: Uber's ability to raise cheap capital through borrowing has decreased due to higher interest rates and slower VC spending. 2:07: Uber's profitability problem is partly due to legal cases. 2:16: Despite being a dominant player in the mobility and delivery market, Uber has burned through a significant amount of money. 5:31: Uber's fares have increased as they dominate the market, pushing prices back up to pre-Uber levels. 6:14: Uber's CEO, Dara Khosrowshahi, has led the company in cutting costs and raising prices to improve profitability. 7:11: While Uber has been successful in dominating the ride-hailing and delivery sector, breaking down regulations has made it easier for new competitors to enter the market. Recap by Tammy AI

[@bzuidgeest]

Uber isn't much of a thing in the Netherlands. To drive a taxi requires permits and I am reasonably sure Uber was not able to break down regulation on that. Maybe in the UK, but here... I don't know anyone that ever used Uber.

[@DrRusty5]

Maybe they need to figure out how to market "UBER bikes" 😉 in the Netherlands ?

[@munaali840]

Netherlands has excellent public transport, even people in remote areas can get into bigger town centres easily, USA is very spread out and most suburbs have nothing but your own car, a lot of states have no regular train service within it, a few cross country and the freight trains but none regular enough to link people to jobs in nearby bigger cities or towns

[@deonwalker6270]

I did, when I came on holiday there 😂

[@cyrilio]

And for the next 10 years they can write off the profits against all the losses they’ve incurred in the past.

[@danielwebb8402]

And rightfully so

[@jeevacation]

They'd still end up paying some taxes due to inflation since the value of the money they lost was slightly more higher than the money they gain in the future.

[@fraliexb]

Just. Imagine if they didnt acrew over their drivers, or if their drivers were considered employees.

[@Yorick257]

They would go bankrupt a long time ago

[@FasterDrivers]

I did it better. Say bye bye to all those crappy delivery system.

[@DigiDriftZone]

I think this strategy backfired somewhat with all these alternatives, I always check a few apps and pick the cheapest, especially when Uber suddenly double the price at some times of the day.

[@mofo78536]

Especially once we figure out how to create more workers owned platform cooperatives (e.g. Bendigo's bHive ride sharing platform)

[@mcmjakke6323]

Uber is all over the world, they don’t care if some new apps arrive. Their investors are pumping them with money for years because they wait for the cars to be driverless

[@matthewparker9276]

This is a significant change to ubers tax strategy.

[@Jonas_M_M]

Thanks to Uber, we can leave the taxi cartels behind for good.

[@fidelkva4810]

you mean certified drivers trying to make ends meet?

[@stypie3711]

@@fidelkva4810 definitly not a case in my city. They're usually bunch of lazy dipshits that scam people. With uber you at least know the price even before confirming it

[@tomlxyz]

From a driver's perspective it's a downgrade. And it's just creating a bigger monopoly

[@Pidove727]

I refuse to believe anyone has ever bought one of the bougie Charlie Bigham ready meals.

[@mjohnsimmons]

Paying a driver $3.80 for 34 minute delivery with operating costs of $2.50 per half hour, so essentially $2.60 per hour pay is how they did it. In California $2.60 per hour !!! Exploitation

[@Dyl_Evs]

I want to see a vid on R* as they’ve changed so much since 2000 so I wanna know

[@nessimrihani5962]

A Simple financial capitalism monopoly textbook case. The problem is people are acting as if they have no clue how these seemingly irrelevant "economic shananigans "can and in fact did worsen our lives drastically.

[@FasterDrivers]

Here I come, to break your line of thinking, and to do something about the problem, than just talking about it.

[@nessimrihani5962]

@@FasterDrivers go do your voodoo away. I am not your usual temporary emberaced (not yet, not ever) millionair

[@Frzned9x]

it's not actually a simple financial monopoly text book case It's a simple financial ponzi scheme textbook case. Uber is "making a profit" using EBITDA (Earnings before interest, taxes, depreciation, and amortization). Which basically legal speak for "if you cut all the cost we are profitable" . What more funny is, EBITDA is still TOO damning to them, they are using "adjusted EBITDA" where they remove even more cost from their earnings. And they are "only" bleeding billions of dollar by underpaying/not paying the drivers. They lie about their profitability, keep raising fund and paying dividends to investor with the fund they raised, while making 0 money and actually losing billions instead. When there are no more money and new investors wasting money into this money sinkhole, the ponzi scheme will collapse.

[@FGRLSWAL]

Where i live it is now cheaper to use taxis 99% of the time, and that is what people are doing.

[@mateofernando5066]

Having 30K employees and having big wigs in the executive suite overpaying themselves, will never allow them to have real GAAP profit. The CEO already makes $40M/year. So, the issue isn't the revenue, its the expenses that are created from mostly payroll.

[@canderousmorningstar3121]

The music at the beginning is annoying.

[@LeoDas688]

Uber competition in India ola and rapido are doing pretty good

[@FasterDrivers]

Not as good as what I have built. Most of my developers live in India, and even they can’t wait for my app to deploy there. I have to adjust my formula, but it’s going to obliterate my competition.

[@thomasjung6660]

What happen did they take a bigger percentage from their drivers?

[@Parakeet-pk6dl]

That transition music was way, way too loud…

[@Dewi-H]

Always has been :'(

[@Parakeet-pk6dl]

@@Dewi-H can’t understand then why you’d pay a sound engineer that doesn’t manage to get its levels right…

[@mariokartpro7406]

can you makes make an update on Activision plz

[@jawadarif5676]

Even Uber more expensive then local taxi firm, the younger generation tend to uses Uber, lift / bolt tied to expend in to UK but outside London it a failure as most driver stay with Uber as there more busy

[@GalileoFigar0]

1:10 even if you don’t ignore the last quarter…

[@mikemartin6748]

His name is Dara Khosrowshahi, not Koshrowshrari

[@davidlee1467]

You mean Dara the evil?😂

[@zenvd04]

The video does not describe how Uber employs a loss leading strategy similar to the other examples provided. I'd argue that it doesn't. Uber just runs at a loss to beat out the competition. They're assuming the economics will make sense when autonomous vehicles become prevalent.

[@Frzned9x]

because the guy is clueless and doesnt actually know how to read and then try to claim to be "financial expert" If you actually read their report, Uber uses "adjusted EBITDA" which is mumbo jumbo speak for "if you subtract all the costs of operation, taxes, fees, etc. we are now profitable". You also see the word EBITDA in this video btw, dont even need to read the report. They aint actually are profitable, they are bleeding billions. I suggest unsubcribing from this channel if you actually wanna listen to a human with a brain

[@sp123]

​@@Frzned9x the only way to truly learn most things is by reading. Watching videos is entertainment and the viewers are entertained, even if it's misinforming

[@Usammityduzntafraidofanythin]

How did they avoid being in massive debt I wonder

[@nicholasaugello2534]

Commenting for ur support

[@TomasBelloXD]

That music is way too loud!!!

[@Paikon097]

pls, tune the intro down. Its extremely loud.

[@DonRamiro1]

You remind me of Elroy Jetson with that hat on top of your head.

[@horacecomegna335]

Uber started shaving and stealing tips from their drivers, that’s how they started making a profit! 😂😂

[@Stef.Cata051]

No they don't expect you to spend more for higher margin products it is about monopolizing the market. Like Amazon did in USA

[@supersam5802]

It’s the same behavior, the point of loss LEADING is literally to raise prices after you obtain market dominance in an area

[@buckiemohawk3643]

They are cooking their books and will end up to continously lose money.

[@mw2killerz101]

Maybe because their take rate is over 70% a ride

[@xiongbenjamin]

DoorDash is Uber. They’ve been acquired

[@fustilarian1]

The intro music was too loud.

[@Parakeet-pk6dl]

Yeah, about 10db, what where they thinking…

[@linzixuan29]

When is it we work turn ? They have burnt close up to 50 billion dollars

[@3XwithFatih]

Bolt is better than Uber

[@fireonhair]

how the company HAS NO INVENTORY

[@SigmaShorts911]

Uber is far from cheap, hiking prices will be bad

[@johandagger]

They defraud all invested capital 🎉

[@EuroExpert_]

I want MORE TLDR Business

[@WhyZ_Guy]

Well this didn't age well.

[@federicomarintuc]

Uber has also put a lot of money into lobby to reduce public transit services or cut them entirely in already car dependent areas

[@mrsylvester5874]

Man I want you to one day report on an American intercontinental railroad. You never will It might be a fun April fool to stay prank where you report how the US has health care and public infrastructure and lowered housing

[@linzixuan29]

Finally

[@Rikimkigsck]

10k views 900 likes, the like/view ratio is insanely high which shows that these people do a great job

[@jdm1152]

This is the classic silicon valley business model.

[@brendanwiley253]

Let's Goooooo!

[@renoits06]

lyft gang rise up!

[@FoodLandia22]

I'M A UBER driver. Pay is extremilly LOW(5$/h), in some faires I started requesting mandatory TIPS, otherwise I cancel rides! I'm no one's SLAVE. And will not work for FREE.

[@explodingwolfgaming8024]

Commenting 4 algorithm

[@Phil_AKA_ThundyUK]

If they start putting adverts in the actual car I'm definitely ditching them for good.

[@samelmudir]

Taxis already do this. So do subway trains and buses

[@Phil_AKA_ThundyUK]

@@samelmudir Buses are cheap.

[@FasterDrivers]

There is a way to make it.

[@balkan_tips]

❤

[@tsuchan]

This was news from the week before last, wasn't it?

[@qubro8507]

First

[@Bigdog5400]

I cannot believe you gave up on TLDR US in lieu of this channel 🥲

[@Frzned9x]

give up or fired because he cant read? If you actually read Uber report, Uber uses "adjusted EBITDA" which is mumbo jumbo speak for "if you subtract all the costs of operation, taxes, fees, etc. we are now profitable". You also see the word EBITDA in this video btw, dont even need to read the report. They aint actually are profitable, they are bleeding billions. I suggest unsubcribing from this channel if you actually wanna listen to a human who can actually think for himself, this guy didnt