News Broke Yesterday that UBERK had failed to pay 'Driver Partners' for the second time this month.
Todays Press.
The ride-hailing giant Uber is not a public company, but every three months, dozens of shareholders get on a conference call to hear the latest details on its business performance from its head of finance, Gautam Gupta.
On Friday, Gupta told investors that Uber's losses mounted in the second quarter. Even in the US, where Uber had turned a profit during its first quarter, the company was once again losing money.
In the first quarter of this year, Uber lost about $520m before interest, taxes, depreciation and amortization, according to people familiar with the matter. In the second quarter the losses significantly exceeded $750m, including a roughly $100m shortfall in the US, those people said. That means Uber's losses in the first half of 2016 totalled at least $1.27bn.
Subsidies for Uber's drivers are responsible for the majority of the company's losses globally, Gupta told investors, according to people familiar with the matter. An Uber spokesman declined to comment.
“You won't find too many technology companies that could lose this much money, this quickly,” said Aswath Damodaran, a business professor at New York University who has written skeptically of Uber's astronomical valuation on his blog. “For a private business to raise as much capital as Uber has been able to is unprecedented.”
http://ind.pn/2btrrOn
On Friday, Gupta told investors that Uber's losses mounted in the second quarter. Even in the US, where Uber had turned a profit during its first quarter, the company was once again losing money.
In the first quarter of this year, Uber lost about $520m before interest, taxes, depreciation and amortization, according to people familiar with the matter. In the second quarter the losses significantly exceeded $750m, including a roughly $100m shortfall in the US, those people said. That means Uber's losses in the first half of 2016 totalled at least $1.27bn.
Subsidies for Uber's drivers are responsible for the majority of the company's losses globally, Gupta told investors, according to people familiar with the matter. An Uber spokesman declined to comment.
“You won't find too many technology companies that could lose this much money, this quickly,” said Aswath Damodaran, a business professor at New York University who has written skeptically of Uber's astronomical valuation on his blog. “For a private business to raise as much capital as Uber has been able to is unprecedented.”
http://ind.pn/2btrrOn
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