Thursday, August 24, 2017


When the story of Uber (tragedy or heroic journey) is written, my bet is that it will be clear that they pissed away so much money on trying to be the smartest guys in the room. Endless cash burning ceremonies to find That One Trick To Make Money when, ultimately, what they have is a taxi company with an app. Almost everything (their pricing tricks, their attempts to "outwit" the competition, abusing drivers, their absurd political tactics etc...) were just nerdbros thinking they could outwit basic accounting. Money comes in, money goes out. The difference is profit. Maybe they'll figure it out eventually!

The San Francisco-based company said it lost $645 million in the second quarter, 9 percent less than the $708 million loss in the first quarter and 35 percent less than the $991 million loss in the fourth quarter of last year. For all of 2016, Uber lost about $3 billion.