Uber, Lyft unleash avalanche of cash to kill 'fund the bus' plan

Re:Uber, Lyft unleash avalanche of cash to kill 'fund the bu... by IntelMiner on Thursday October 03, 2024 @12:43PM (#41732405)

These apps aren't profitable as-is for their owners. Raising wages would just lead them to push prices even higher, locking more and more people out

Public transit (arguably) can be run as a public service rather than a private enterprise designed to extract value for investors. It's far better for the community

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Re:Uber, Lyft unleash avalanche of cash to kill 'fund the bu... by s1artibartfast on Thursday October 03, 2024 @01:46PM (#41732978)

Uber is profitable, with 2 Billion in earnings in 2023 and 2024.

Public services also extract value. There are just different sources and recipients.

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Re:Uber, Lyft unleash avalanche of cash to kill 'fund the bu... by IntelMiner on Thursday October 03, 2024 @01:56PM (#41733077)

Uber was profitable, according to a quick Google search (dated in May of 2024) they then lost $654 million after that

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Re:Uber, Lyft unleash avalanche of cash to kill 'fund the bu... by s1artibartfast on Thursday October 03, 2024 @02:52PM (#41733710)

I dont know where google is pulling that information, but their SEC filings and stock financials disagree [1,2]. In Q1 2024 they claimed a $750 million unrealized loss tax write-off, but were still cashflow positive. [3]

https://finance.yahoo.com/quote/UBER/financials/

https://s23.q4cdn.com/407969754/files/doc_earnings/2024/q2/e...

https://s23.q4cdn.com/407969754/files/doc_earnings/2024/q1/e...

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