Taxi Driver Online

youve been assuming the demise of UBER a long time...

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Of all the things ive lost, i miss my mind the most

Not sure about their demise, as the name is here to stay.

It's the profitability and current business model that I think will fail.

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IDFIMH

Currently $64.36, down about 15% over the last month.

Uber’s results hit by legal costs after decade of regulatory battles

https://www.ft.com/content/83e4bc2b-4a4 ... cb485bfb37

Uber’s results far undershot expectations in the first quarter, weighed down by costs from the ride-hailing company’s decade-long battle with global regulators.

The San Francisco-based company reported operating profit of $172mn for the first three months of the year, compared with analysts’ forecasts for more than $600mn.

Uber on Wednesday attributed the shortfall to “discrete legal and regulatory reserve changes and settlements”, though the company said it was “resolving several legacy matters”.

The legal costs included Uber agreeing to pay $178mn to settle a class-action lawsuit brought by taxi drivers in Australia. However, the quarter still compared favourably with a $262mn operating loss reported for the first three months of 2023.

Uber’s shares slipped about 9 per cent in early New York trading on Wednesday, eroding their gains for the year to 11 per cent.

Uber and its rivals are grappling with increasing global regulatory headwinds, particularly over driver and delivery worker pay.

Under a challenge filed in the UK this month, Uber is facing a multimillion-pound lawsuit from more than 10,000 black cab drivers in London.  

The company previously reported that 2023 marked its first full year of operating profitability, which Uber hailed as an “inflection point” in its tumultuous history.

That milestone followed years of steep losses as the company spent billions of dollars fighting ride-hailing rivals.

After investors demanded evidence that the sector could be sustainably profitable, Uber worked to fatten margins and push down costs.

Revenue for the most recent quarter increased 15 per cent to $10.1bn, in line with analysts’ forecasts. However, Uber reported a net loss of $654mn in the three months to March 31, sharply missing estimates from analysts for a net income of about $500mn.

The company said the loss was driven by a cumulative $721mn writedown of the value of Uber’s stakes in other groups, which include self-driving car company Aurora and Chinese ride-hailing business DiDi. 

Adjusted earnings before interest, tax, depreciation and amortisation rose 82 per cent from the same period a year ago to a record $1.4bn, beating analysts’ forecasts of $1.3bn. Uber said adjusted ebitda in the current quarter would be between $1.45bn and $1.53bn, in line with analysts’ estimates.

The total value of Uber’s ride-hailing, delivery and freight bookings also came in just below analysts’ expectations at $37.7bn. The company blamed in part softer demand in the Latin American region compared with the same period last year.

However, Uber said demand remained “robust” across its delivery and mobility businesses. Chief financial officer Prashanth Mahendra-Rajah said the company was “exactly where we want to be” in terms of longer term bookings growth. In March, India became the third country globally to have more than 1mn Uber drivers, joining the US and Brazil.

Uber said further growth would come in part from a widening array of services, such as the grocery delivery segment that it aims to expand, while profits would be helped by its growing high margin advertising business.

This week, Uber unveiled a partnership with Instacart, which will allow the grocery delivery group’s US users to order from restaurants listed on Uber Eats. The ride-hailing company hopes the move will help it to compete with rival DoorDash in suburban locations across America. 

Analysts at JPMorgan noted that, although Instacart’s grocery capabilities were not being offered by Uber, “we believe this initial step opens the door to the companies potentially working more closely together down the line”. 

On Wednesday, Dara Khosrowshahi said: “Make no mistake: we remain committed to executing against our grocery and retail strategy . . . You can expect more news on the grocery front in the coming weeks.”

Uber also said it was confident that it could “aggregate” demand for self-driving vehicles, which are already available in some regions.

Autonomous vehicles would be “great for Uber” and lower prices for consumers, said Khosrowshahi, adding that Uber was “looking to partner with the AV industry”.

During the first quarter, the company started share repurchases under its inaugural $7bn share buyback programme, which Mahendra-Rajah said would “partially offset” the company’s employee stock-based compensation obligations. 

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IDFIMH

just remind me what happens when a company folds, oh yeah, it opens again the next day/different name, no debts

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Of all the things ive lost, i miss my mind the most

I agree, but the smug c**** who invested in something that was/is akin to the 'Emperor's new clothes' have done their money.

The question I always ask is how it is possible for Uber to not earn fortunes, given they can operate with virtually no staff.

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IDFIMH

all you need is a good accountant, uber - zilch taxable, shareholders boomtime

its possible the "tech" is not owned by Uber, and the owner can duck debts

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Of all the things ive lost, i miss my mind the most

Currently $65.01 a share. Up 10% on the day, down about 8% over the last 6 months.

Uber says consumer spending ‘never been stronger’ as profits jump

https://www.ft.com/content/22b1b73e-c9d ... c92c85f4f5

Uber is yet to see a significant impact on consumer spending from a weakening US economy, the San Francisco-based company said on Tuesday, with demand for food deliveries still “healthy”.

Dara Khosrowshahi, Uber’s chief executive, said the average number of trips booked by its 156mn monthly active users during the three months to June 30 had reached a record high.

Revenue rose 16 per cent year on year to $10.7bn, ahead of analyst forecasts of $10.6bn, driven by sales growth at its ride-hailing and food delivery businesses. Net income of $1bn came in well ahead of market expectations of $659.5mn for its second quarter.

“The Uber consumer has never been stronger,” said Khosrowshahi. “We’re not seeing any softness or trading down across any income cohort.”

Uber’s delivery segment had recorded “healthy” order growth in the US during the quarter and, “while there have been some concerns about consumer spend on restaurants and delivery, we are not seeing any impact today”, he added.

His comments come a day after fears about a weakening US economy plunged global markets into turmoil, with tech companies among the worst hit.

In the event of worsening macroeconomics, said Khosrowshahi, Uber’s ride-hailing business was likely to remain strong, as during such periods the number of drivers on the platform typically increased, which drove down prices and wait times for riders.

Shares in Uber, which have gained almost a third over the past 12 months, opened about 5 per cent higher on Tuesday.

Net income, which rose 158 per cent year on year, was boosted by a $333mn revaluation of Uber’s stakes in other groups, including self-driving car company Aurora. Uber’s operating profit was $796mn, just below expectations for $799.8mn.

Looking ahead, Uber said it expected its adjusted earnings before interest, tax, depreciation and amortisation — its preferred profit measure — to be between $1.58bn and $1.68bn in the current period, with the midpoint ahead of analyst expectations of $1.62bn.

Gig economy companies, including Uber and its US rivals Lyft and DoorDash, have come under pressure from investors to demonstrate that they can deliver lasting profits while expanding their businesses, following an era of furious spending by the groups and years of deep losses. 

Last year marked Uber’s first full year of operating profitability, a milestone that the company said was an “inflection point”. Chief financial officer Prashanth Mahendra-Rajah said on Tuesday that Uber’s “top priority” for deploying capital was investing in growth, including via potential acquisitions.

Resilient consumer demand in the latest quarter had been helped by Uber’s efforts to make its delivery offerings more affordable, including through merchant promotions on the platform, lower average delivery fees and expanding its suite of cheaper products such as shared rides, it said. Improving economies of scale had also driven down Uber’s costs and boosted profitability.

A growing ads business helped boost profitability, with the high-margin unit now at an annual “revenue run rate” of more than $1bn, Uber said. 

The total value of Uber’s ride-hailing, delivery and freight bookings rose 19 per cent from a year earlier to $40bn, a slowdown from the 20 per cent growth reported in the previous quarter and the 22 per cent in the period before that.

Stripping out the impact of currency moves, that combined total for the current quarter would increase by between 18 and 23 per cent, in line with the long-term guidance Uber gave at its February investor day.

As part of its growth plan, the company has been pushing into new markets, including grocery delivery and the deployment of self-driving vehicles on its ride-hailing app through partnerships with companies including Waymo.

Uber was in “late-stage discussions” with additional global self-driving car companies about their fleet joining its platform, it said.

Uber’s growing grocery and retail delivery business had “a clear path to ebitda profitability”, said the company on Tuesday. Initial results from its partnership with Instacart, which will allow the grocery delivery group’s US users to order from restaurants listed on Uber Eats, were “encouraging”, the company said.

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IDFIMH

No sign of any dividend yet?

Maybe their so-called profits are on the back, at least in the UK, of decreased earnings for drivers.

GMB press release says 55% of their members surveyed reported a significant drop in income this year, and 80% had seen no increase or a drop in income in the last year.

https://www.gmb.org.uk/private-sector/t ... oticeboard

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IDFIMH

Eat your hearts out you jealous little people








https://www.cnbc.com/2024/08/06/uber-q2 ... 20platform

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Of all the things ive lost, i miss my mind the most

Currently $72.05. Down 9% on the day but up 66% since this time last year.

Uber stock tumbles on gross bookings miss; company still 'well positioned,' analyst says

Uber stock (UBER) tanked on Thursday after the ride-hailing giant missed on the all-important gross bookings metric.

For the third quarter, Uber reported revenue of $11.2 billion, topping estimates of $10.99 billion, as compiled by Bloomberg, and up 22% compared to a year ago on a constant currency basis. But gross bookings, a metric tracking total revenue before fees and deductions, such as driver pay, came in at $41 billion, up 16% from a year ago but missing estimates of $41.24 billion.

Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) came in at $1.7 billion, topping estimates of $1.65 billion, per Bloomberg.

Uber shares closed down 9% on Thursday. Previously, the stock had been up over 25% year to date.

"We delivered yet another record quarter of profitable growth at a global scale, reflecting the strength of our platform, which now has over 25 million Uber One members," Uber CEO Dara Khosrowshahi said in a statement.

Added CFO Prashanth Mahendra-Rajah: "We hit another important milestone this quarter, delivering over $1 billion in GAAP operating income for the first time in our company's history, and are on track to deliver 20% gross bookings growth on a constant currency basis for the full year.”

Uber said it projects Q4 gross bookings coming in at $42.75 billion to $44.25 billion, which would be a 16% to 20% year-over-year growth rate on a constant currency basis. Uber expects EBITDA to come in at $1.78 billion to $1.88 billion

While the 20% goal for gross bookings for the year is intact, the 16% reached this quarter wasn’t enough for investors.

“Shares are down [intraday] reflecting slightly slower bookings growth and adj. EBITDA guidance that likely did not clear investor expectations despite being in line with consensus at the midpoint of the guide,” Dan Ives of Wedbush wrote in a note to investors. “Still, we think Uber is well positioned to deliver mid-teens bookings growth over the intermediate term with rising margins and strong FCF (free cash flow) conversion (~90% of adj. EBITDA).”

Ives maintained his Outperform rating and $86 price target.

Looking ahead, JPMorgan highlighted bullishness in Uber’s delivery business.

“We believe UBER can continue to grow the Delivery category profitably as it looks to improve network efficiencies, scales advertising, and strengthens marketing and incentive optimization,” analyst Doug Anmuth wrote shortly after the release.

Uber reported its delivery gross bookings rose 17% year over year to $18.66 billion. Anmuth noted that Uber also grew its Uber One subscription business to 25 million members, up 70% year over year.

Anmuth still has an Overweight rating and a $95 price target on Uber.

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IDFIMH

Down to $60.82.

Think the markets have been spooked by GM pulling out of the RoboTaxi market.

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IDFIMH

depends where you look.... is UberUK sending money to UberUSA then to tax havens everywhere, its not the world we live in, you wont find Mrs Uber shopping in Lidl (Aldi got too dear)

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Of all the things ive lost, i miss my mind the most

Currently down nearly 9% on the day of their Q4 results to $63.71.

Uber Stock Falls Despite Strong Q4 Growth. Bookings Guide, Robotaxi Fears Weigh On Shares.

https://www.investors.com/news/technolo ... -robotaxi/

Uber Technologies (UBER) reported stronger-than-expected earnings and sales, with the ride-hail company touting accelerating demand. But Uber stock fell as currency headwinds from a strong dollar pushed its guidance for bookings growth below expectations.

Uber said early Wednesday that it earned $3.21 per share on sales of $11.96 billion for the December-ended quarter. That beat expectations for earnings of 50 cents and sales of $11.76 billion, according to FactSet. For the same period a year earlier, Uber posted earnings of 66 cents per share on sales of $9.94 billion.

The big earnings beat was driven by a large tax valuation release and unrealized gain on equity investments. Uber's operating income was $770 million, below estimates of $1.15 billion.

Further, Uber's outlook for the current quarter missed expectations. Uber guided for gross bookings of $42.75 billion at the midpoint of its range. That was below analyst expectations of $43.49 billion. Uber cited a "5.5 percentage point currency headwind to total reported YoY (year-over-year) growth."

On the stock market today, Uber stock fell more than 7% at 64.81 in morning trades. Uber stock gained 3.6% Tuesday to close above its 200-day moving average for the first time since early December.

Uber Leader Says Business Accelerating

On a call with analysts early Wednesday, Uber Chief Executive Dara Khosrowshahi said "acceleration" was the theme of the Q4 for Uber.

"We accelerated growth in audience, trips and the top line," he said. "Gross bookings growth on a constant currency basis beat even our own expectations, coming in above the high-end of our guidance."

Uber's total Q4 bookings grew 21% to $44.2 billion, ahead of expectations of $43.48 billion, according to FactSet.

Khosrowshahi also shared that Uber added 5 millions new subscriber for its Uber One membership program. Uber One has grown to 30 million members as of the end of the year, up 60%.

Uber's adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $1.84 billion for the quarter, matching analyst expectations.

Analysts pinned the stock's decline on the company's first-quarter guidance.

"Shares are down pre-market, reflecting slower expectations for bookings growth in 1Q due to FX headwinds and adjusted EBITDA guidance that likely did not clear investor expectations, despite being in line with consensus at the midpoint of the guide," Wedbush analyst Scott Devitt wrote to clients. "Still, we view the recent dislocation in shares as unwarranted for a company demonstrating strong fundamentals, with top-line growth in the mid-teens and adjusted EBITDA set to grow over +30% Y/Y in each of the next two years."

Autonomous Vehicle Debate Hits Uber Stock

A big reason for the "dislocation" for Uber's stock has been concerns about self-driving vehicles. Waymo's push into new markets and Elon Musk's vision of a Tesla robotaxi weighed on shares last year. Uber stock fell 2% in 2024 after rallying nearly 150% in 2023.

The fear is that Uber's dominance of the market for ride-hailing will be challenged by companies developing self-driving cars. Uber, meanwhile, has pitched itself as a crucial partner to AV developers, connecting their cars with riders.

Khosrowshahi delivered that message again to analysts Wednesday.

"While AV technology is advancing, commercialization will take significantly longer, and we have conviction that Uber will be the indispensable go-to-market partner for AV players," the Uber chief executive said. "This is undoubtedly one of our top priorities."

Uber opened up a waitlist Wednesday for Austin riders who want to take a robotaxi ride through Waymo, Khosrowshahi added. Uber is also partnered with Waymo in Phoenix and for the Google-backed startup upcoming expansion to Atlanta.

Technical Ratings For Uber Stock

But Wednesday's earnings results appear to be another setback for Uber stock. Shares broke back below Uber's 200-day, 50-day and 21-day moving averages in morning trading.

Meanwhile, Uber stock's Relative Strength Rating is just 36 out of a best-possible 99, according to IBD Stock Checkup. That's an improvement, however, from lows near 20 to start the year.

Uber has an IBD Composite Rating of 86 out of a best-possible 99. IBD's Composite Rating combines five separate proprietary ratings into one easy-to-use rating. The best growth stocks have a Composite Rating of 90 or better.

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IDFIMH

An interesting article reporting on what Uber's top boss says about the difficulties autonomous vehicles face going forward.

Uber CEO warns robotaxis can't find a fast route to commercial viability

https://www.theregister.com/2025/02/06/ ... av_update/

Uber CEO Dara Khosrowshahi is warning that it's not yet possible to commercialize autonomous vehicles due to high costs, seasonal demand fluctuations, and the need to prove "superhuman" safety.

Khosrowshahi took the unusual step of including an update on his company's ambitions for autonomous vehicles (AV) in the prepared remarks delivered ahead of the company's Q4 2024 earnings call.

Those remarks opened with the observation that 2024 was a turning point for the AV industry as at least four operators now have fleets of the machines on the road, and many others are likely to join them soon. The CEO estimates AVs represent a trillion-dollar opportunity in the US alone.

However he then turned gloomy, saying: "Even as we see AV technology advancing, we expect AV commercialization will take significantly longer."

Khosrowshahi argued that widespread commercial AV adoption needs five things to all be in place, the first of which is a "consistently superhuman safety record."

"We don't think it's good enough for an autonomous driver to be better than a human. I think we have the chance to be multiple times better than a human," he said, adding that only superhuman safety will convince regulators to allow AVs onto the road.

The CEO also wants consistent regulation across the US, and more jurisdictions to introduce their own AV rules.

He also thinks carmakers need to improve because today's AVs cost $200,000 or more and have higher running costs than human-driven vehicles. Until AVs can run for under $2/hour $2/mile, they can't compete.

Ground operations are another issue of concern. "It is important to note that an average-utilized AV can run as much as 100K miles a year, compared to a typical consumer vehicle at 10-15K miles a year," Khosrowshahi wrote. "This means that AVs need to be charged multiple times a day and serviced monthly. AVs will also require consistent cleaning and available parking." Additionally, someone will need to handle fare disputes, return lost items, rescue stranded vehicles, and handle insurance chores. The CEO reckons Uber can do all that.

Yet one thing he admitted Uber will struggle to do is handle variable demand for AVs.

That's because consumers expect cars they summon to arrive in around four minutes. To meet peak demand, an AV taxi operator would need a fleet of cars that would be underutilized most of the time.

To illustrate the problem, Uber's presentation [PDF] included the graph below, which depicts demand across the week in a single unnamed US city. Each day is broken into four six-hour segments, the first of which starts at midnight.

"Any standalone player with a fixed depreciating asset will need to build against that reality: choosing between running a highly underutilized network (if supply is built for peak demand) or a highly unreliable network at peak periods (if supply is built for anything less than peak)," Khosrowshahi said.

"Underutilized vehicles cannot be easily repositioned and will likely sit unused for months, generating additional cost and complexity – against zero revenue," he warned.

The CEO thinks humans can solve this problem because they will "dynamically fulfill demand spikes – and take a break during demand troughs." He therefore suggested that AV operators should partner with Uber to tap its expertise getting humans on the road and avoid acquiring idle assets. Uber drivers the world over will likely find that comforting. They may also like Khosrowshahi's assessment that all five of the matters he identified "must work in concert, or the puzzle falls apart."

In other words, the robot economy doesn't add up – for now – meaning human drivers perhaps have less to worry about than they thought. Another reason to be cheerful is the demise of GM's Cruise robotaxi biz.

Uber booked $44.2 billion of business in Q4, $22.8 billion of it for rides and $20.1 billion for deliveries, up 18 percent year over year. The company organized 3.1 billion rides across the quarter ended December 31, 2024.

All those rides and deliveries saw $12 billion arrive in Uber's coffers, a 20 percent year-over year increase. Net income was $6.9 billion, but $6.4 billion of that was a "benefit from a tax valuation release." Another $556 million came from "net unrealized gains related to the revaluation of Uber's equity investments."

Full-year gross bookings were $162.8 billion, delivering revenue of $44 billion and net income of $9.85 billion, from 11.273 billion trips. The company boasted 171 million "monthly active platform consumers" across the year.

Uber forecast Q1 2025 bookings growth of 17 to 21 percent, all of it from humans. ®

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IDFIMH

well they are at 71.55 now apparently so investors are still backing them.

It might be interesting to see what the effects of trumps devaluation of the dollar has because it should make overseas earnings worth more once the profits reach the US

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lack of modern legislation is the iceberg sinking the titanic of the transport sector