Hilariously unprofitable. They even came up with creative accounting to show how, despite never being profitable they may turn a profit if you don’t count their debts and losses.
Uber’s true business model isn’t in place yet. Eventually, all cars will be self-driving, and they can ditch the drivers. The ultimate objective is to replace personal car ownership with a driving service.
Once they don’t have to pay drivers, and they have monthly fees coming in from millions of subscribers, they’ll clean up.
“In 2023, Uber reported its first annual profit since going public in 2019, with a net income of $1.9 billion. This follows a period of consistent losses for the company.”
Is uber not profitable?
unlike other comments, I’d argue, like most tech, it was incredibly profitable for anyone except the people funding it.
Business is not about extracting money from goods and services, it’s about tricking VC funders to give you 50 million dollars a year
Hilariously unprofitable. They even came up with creative accounting to show how, despite never being profitable they may turn a profit if you don’t count their debts and losses.
Uber’s true business model isn’t in place yet. Eventually, all cars will be self-driving, and they can ditch the drivers. The ultimate objective is to replace personal car ownership with a driving service.
Once they don’t have to pay drivers, and they have monthly fees coming in from millions of subscribers, they’ll clean up.
I think you’re wrong on this one.
Currently uber does not own anything. Repair costs are for the drivers. Buying a car is for the drivers.
If they are not profitable now, replacing driver’s “wage” will only make it more expensive.
I wouldn’t put it past them to still use other people’s self driving cars.
So their entire company is built on the gamble that self-driving cars will happen before their finances implode?
Never has been Earth astronauts gun meme
No, but fr Uber is a masterclass in creative accounting and strategic acquisitions for further creative accounting.
“In 2023, Uber reported its first annual profit since going public in 2019, with a net income of $1.9 billion. This follows a period of consistent losses for the company.”
Their whole business model is “wait for self driving and then $$$” as they’ll no longer have to pay anybody.