“In 2023, Uber reported its first annual profit since going public in 2019, with a net income of $1.9 billion. This follows a period of consistent losses for the company.”

[–] funkless_eck@sh.itjust.works 15 points 1 day ago

unlike other comments, I'd argue, like most tech, it was incredibly profitable for anyone except the people funding it.

Business is not about extracting money from goods and services, it's about tricking VC funders to give you 50 million dollars a year

[–] ryedaft@sh.itjust.works 20 points 1 day ago* (last edited 1 day ago)

Never has been Earth astronauts gun meme

No, but fr Uber is a masterclass in creative accounting and strategic acquisitions for further creative accounting.

[–] theotherbelow@lemmynsfw.com 14 points 1 day ago (1 children)

Hilariously unprofitable. They even came up with creative accounting to show how, despite never being profitable they may turn a profit if you don't count their debts and losses.

[–] barneypiccolo@lemm.ee 4 points 1 day ago (3 children)

Uber's true business model isn't in place yet. Eventually, all cars will be self-driving, and they can ditch the drivers. The ultimate objective is to replace personal car ownership with a driving service.

Once they don't have to pay drivers, and they have monthly fees coming in from millions of subscribers, they'll clean up.

[–] Tabula_stercore@lemmy.world 3 points 1 day ago (2 children)

I think you're wrong on this one.

Currently uber does not own anything. Repair costs are for the drivers. Buying a car is for the drivers.

If they are not profitable now, replacing driver's "wage" will only make it more expensive.

[–] barneypiccolo@lemm.ee 2 points 1 day ago

I'm not wrong, it's on their website:

Driving autonomous forward

At Uber, it's our mission to reimagine the way the world moves for the better—and it's clear that autonomous vehicles (AVs) will play a part in our future. With that in mind, we have been building Uber for the road ahead.

Then they go onto describe how they are going to use driverless vehicles for personal mobility, delivery, and freight.

[–] Hudell@lemmy.dbzer0.com 1 points 1 day ago

I wouldn't put it past them to still use other people's self driving cars.

[–] theotherbelow@lemmynsfw.com 1 points 1 day ago

Thanks for the input.

In my opinion, this is definitely copium on uber's part. Taking on far more debt to try to be a public utility level of too big to fail is laughable. There is always an end stage they need to sell that is bigger and better.

[–] nef@slrpnk.net 2 points 1 day ago (2 children)

So their entire company is built on the gamble that self-driving cars will happen before their finances implode?

[–] adb@lemmy.wtf 1 points 1 day ago

I’d argue that this is what they pitch to their investors to continue to fund them. They probably partly believe it but I don’t think they really look that much further than the next quarter.

[–] barneypiccolo@lemm.ee 1 points 1 day ago* (last edited 1 day ago)

Yep, its on their website.

Driving autonomous forward

[–] Blackmist@feddit.uk 14 points 2 days ago

Their whole business model is "wait for self driving and then $$$" as they'll no longer have to pay anybody.