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Am I missing something?

According to this (Link: https://www.nytimes.com/2017/05/31/technology/uber-limits-lo...)

Uber has $7.2B sitting in the bank, with losses reducing ($708M) in the first 3 months of 2017. I'm sure they can get profitable or break-even in that time.

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I think the concern is that the value of each rider is actually negative, and till now this cost was hidden by VC subsidy.

There are several ways this could play out. One possibility is that if Uber raises their rates, people will mass-migrate to Lyft. Whoever survives that war of attrition may monopolize the space.

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