Uber’s first-quarter loss, excluding employee stock compensation and other items, was $708 million, narrower than the $991 million reported three months earlier, the Journal said.
And the company’s head of finance quit. Damn!
Uber posts $708 million loss
(plays world’s tiniest violin)
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!mj325d:
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The sooner they disappear the better.
I haven’t looked closely at the financials, but it increasingly seems as though Uber may not be sustainable. But why? Why would a taxi service with low friction and low overhead not be completely sustainable? One thought: the depreciation of privately-owned cars vs fleet-owned cars is a key factor I’ve not seen anybody consider and could be enough, all else equal, to tip the balance.
i wonder about this too. it’s one taxi company taking a cut for all fares collected via a single app. what’s the problem?
Executive compensation. That’s how otherwise-viable business of any age can go downhill in a relatively short time.
Indeed it can be, but as long as Uber’s percentage is a small portion of the fare, this wouldn’t be the main culprit.
Right now, Uber is under-pricing its service and consequently losing money in a transparent attempt to “disrupt,” essentially to starve, its competition. That’s obviously not sustainable, and one would imagine that eventually the economics of Uber vs traditional cab services would resolve to the relative costs of the two models. I could easily be wrong but don’t really see any fundamental cost advantage to either platform except the efficiency of a centralized fleet purchasing/maintenance model vs individual ownership and its attendant high depreciation.