Uber Lit £791 Million on Fire Last Quarter Because That's What Uber Does

By Bryan Menegus on at

In its first earnings as a public company, Uber posted losses of $1 billion (£791 million) over the previous quarter, more or less matching investor expectations, because sending the GDP of Vanuatu off a cliff every three months is Uber’s current business model, more or less.

Uber has, in fact, pretty consistently lost around this amount of money—sometimes a little more, sometimes less, and once, briefly, it was profitable.

In its own assessment of its future, Uber—which loses money on every ride it gives—sees its long-term profitability coming from autonomous vehicles and its near-term solution as even more drastically nickel-and-diming its own drivers. The company’s stock has traded below initial public offering value since hitting the market nearly three weeks ago, and it’s currently worth approximately $5 billion (£4 billion) less than the $72 billion (£57 billion) valuation it had before going public.

In spite of all that, Uber’s stock jumped nearly 4 per cent in after-hours trading.

Cool.

Featured image: Spencer Platt (Getty)