Uber Revenue Slows as Quarterly Loss Surges to $1.1B
bloomberg.com
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Anecdotally, among my friends I also see Lyft becoming the default, and sometimes price-checking with Uber. If Waymo or whoever came out tomorrow with a cheaper/safer driverless car, I'd just as likely drop Lyft in a heartbeat.
I switched over to only using Lyft, but like the OP states, if Waymo came out tomorrow I'd probably switch to that.
This goes for other markets as well, it's just generally hard to get good information.
If you’re in a market where they operate, I can heartily recommend it.
Thus the drivers won't care which app is running, since they will be making (more or less) the same $$$$$. All they need it to do is ensure they are driving people around/keeping busy, and if one company is bleeding customers, they will simple start 'the other app' and continue driving.
I may be oversimplifying the above, but it's the general idea/practice.
As Uber Probes Sexual Harassment At Its Offices, It Overlooks Hundreds Of Thousands Of Female Drivers
On Lyft in the same cities, I always get a much more oddball mix of vehicles, with much more diverse conversation from the driver. I've had biotech founders looking to recruit and make beer money pick me up on Lyft rides going from the South Bay to the SF in the Bay Area, real estate agents and recruiters drive me in many cities, and many others that are clearly doing Lyft as a side gig rather than a profession. On the downside, this usually means that they're less aggressive drivers in terms of optimizing for speed and route efficiency, but it can make for a more interesting ride and better chitchat along the way.
As a result, I almost always default to Lyft unless there's a huge price spread in Uber's favor.
Uber drivers who do a certain number of hours or rides per day/week often get bonuses, so they'd have to forego these bonuses to split time with Lyft.
On the rider side, they're pulling a play from the airline playbook, with their version of frequent flier miles and status: https://techcrunch.com/2018/11/14/uber-rewards/
Southwest and Alaska are a different story; they're still trying to compete. But the majors are so terrible I feel the opposite of loyalty toward them.
- Uber prime
- Uber points
They also don't have a direct competitor/s like Uber. I think the better comparison would be the loyalty programs from United or American.
[1] https://www.cnet.com/how-to/amazon-prime-20-benefits-every-m...
I started using Uber because it was worth paying more to not deal with taxis. Now Uber is the cheap, bad option. I really wish there was a “middle of market” ridesharing service. Cheaper than a black car from whatever service, but still with good quality control. Uber used to be that but isn’t anymore. Lyft is kind of that but isn’t quite there.
Anyway, it feels like Uber is trading goodwill for volume. I only use it for free rides with Amex platinum or when I need a car ASAP and no taxis are available. Otherwise I use Lyft (and sometimes Lyft is cheaper anyway). It feels like Uber is shorting quality control and trading long-term profitablility for short-term volume with more, cheaper drivers.
Since my impression is a large population of drivers drive for both I don't think you would find different behavior in Uber or Lyft. A dickhead is doing to be a dickhead whether driving for Uber or Lyft right?
At the end of the day they're a layer on top of a taxi business. Sure this is useful in some way but like Airbnb or weworks or all these other companies that just throw one layer of service over the actual business I don't understand why they are treated like high tech companies.
The most extreme example was possibly moviepass which was basically just a subsidy from investors to movie goers.
But driverless cars change that dynamic. Now you need to own a fleet. Well, guess what: there are already businesses like this! They are called car rental companies. Last time I checked, they were shitty, low margin businesses.
Their rides are both VC subsidized and unsustainable. They both punish customer loyalty. My wife and I rotate hiring rideshares. If one of us books too many, one person's fare becomes much costlier than the other. They're both godsends when initially disrupting markets (our Egyptian Uber driver definitely took a lot of personal risks engaging in shouting matches against street touts who were throwing themselves at the car and ready to drag us out so we spend our money at their shops) but once they reach semi-duopoly status in mature markets like the Bay Area, more and more crappy things happen. Things like drivers canceling you after 10 minutes or people using GPS spoofers to pick up rides while not even in the same county. And you clearly see both companies, over the years, trying to hide ways to get problems resolved behind more and more layers of circular forms labyrinths.
I've been taking more traditional taxies to keep the balance of power competitive (and because it's sometimes less frustrating).
Why? I mean, most taxi cab companies have rideshare apps. They were a first mover and showed us the way, but they burned a ton of cash and did some really shitty things. Heck, they've killed more than a few people.
No different than, say, consumer rental companies like Airbnb.
As a rider, there's no "cost" to having both apps, so I'll just check both.
Similarly, as a driver, I'll just sit with both apps open and see which one I get a rider on.
Sure, if you never left your country. I certainly didn’t want to register to Italy’s official taxi app - don’t wanna trust them my CC nor my life to horrible service I’ve received (same price as Uber, horrible car)
If, for example, HomeAway got a similar number of rentals to Airbnb (though in this particular case, it hasn't), then both markets could easily co-exist.
Creating C2C marketplaces, however, is not an easy task.
They did (well, it at least has multiple Uber and Lyft services, and I don't know that they get a kickback); the app is called “Google Maps”.
I guess the plan for Uber was always to use low prices to win the market and jack them back up later. Price comparison would interfere with this plan.
(When it comes to dodgey companies CabCharge is pretty terrible)
[1] http://fortune.com/2017/12/05/lyft-gets-1-5-billion-funding-...
Edit: I stand corrected. Their UI mislead me because for airport rides the price is only shown after you hit a Confirm button, but that does not order the car as I thought, only takes you to the next screen.
There was no confirm button Or anything else hiding prices.
(This was on iOS)
They should really think about switching it to 'Confirm route' or 'location'.. something that ensures me I'm not ordering it yet. Maybe an arrow where I can swipe and see the next step? Or some visual cue that there are more steps ahead?
Inflammable means flammable??? What a country!
At the end of the day, Pepsi and Coca-Cola sells you sugar water. McDonald's and Burger King get the same meat form the same vendor trucks. You charge a credit card whether Visa or MasterCard.
The point isn't who brings you the convenience, it's that you have convenience at all.
Uber/Lyft has commoditized driving to a product sold at ~$2/mile. That's why this week they both launched loyalty programs, back to back.
And from there they'll just keep trying to add more value bit by bit. Not surprised at all if in 10 yrs Uber doesn't have cab hailing anymore, but you ended up on an Uber flight to Shanghai.
No, they don't. They have their own suppliers and logistics for all their raw ingredients and supplies.
https://en.wikipedia.org/wiki/Beef_Products
"BPI was a major supplier to McDonald's and Burger King, as well as restaurants and grocery stores, and its products were reportedly used in 75% of the United States' hamburger patties in 2008. The School Lunch Program, another large buyer of Beef Product's goods, used about 5.5 million pounds in 2009."
Alexa can't even turn on my living room lights more than 50% percent of the time. I'm not holding my breath for driverless cars coming any time soon (if ever).
Every time I think I've seen the most amazingly challenging business situation I'll ever see, something comes along to top it. Win or lose, the book about Uber is going to be really amazing.
[1] https://www.bloomberg.com/news/articles/2017-12-28/uber-inve...
Wake up, Uber management. No company, however appealing, can continue to raise money making a billion in quarterly loss.
Same Uber model there too.
`Eat this 500 rupees biryani for 50 rupees`
`Let me help you order this Baskin Robbins Ice cream for 80% discount`
`Diwali food festival, expensive ad on TV, Dal Maakhni at 60% discount`
These people are hoping that people will get so addicted to their app, eventually they will either stop cooking(Which ridiculous at the very face of it), or stop driving/walking up to their nearest restaurant.
Also, this luring people into using apps with discounts has max utility, its not a infinite trick you can play forever.
Softbank is invested in many cab apps over the world. They already had Uber pull out of at least one country where Softbank also owned a competitors.
Softbank could benefit from being invested in Uber even if they don't make any money off their investment.
Of course the employees are also victims. I have been in the situation of holding untradeable (by me) stock being valued a high number (woohoo! I'm rich) only to watch helplessly as it became worthless (uh, I'm not rich). While the value of things change is understandable intellectually it is also painful.
This is highly optimistic. A failure of a big startup such as Uber could easily start a chain reaction, failure of other similar big unicorns, perhaps steep losses in stock market, spreading panic etc. It could easily could get to a point when government bails out the investors and banks in some way, just so they don't lose money. This is more likely scenario in my case.
If Uber fails it'll get parceled up by the remaining players in a heartbeat, either by selling parts of itself (at best) or everyone just switching.
The capital from the capitalists is "redistributed", spent by Uber on salaries and various purchases (more salaries). The working class collects their salaries, roughly commensurate with the cost of living (aka "according to their needs").
And maybe that a better activity should have subsidized.
If Waymo’s launch is even half successful there’s going to be a mass exodus from Uber I think. Their cash comp is the lowest in the industry.
That permanently cost Uber a customer because now I know that they'll try to use dark patterns to screw me over any chance they get.
Uber avoids price negotiation, and considering that it takes time and effort to resolve your mistake, it's likely much better to just charge a standard fee instead of planning for every single case.
Expecting everyone else should be generous of their time for your mistake is definitely not good.
And if you read the other comments, you would see that direct communications can be abused so this current process is likely the best compromise to help both riders and drivers.
And as stated before, many drivers return items immediately for free while many others probably don't find items until days after the original rider reports it, so there are vastly different scenarios under which you need a process to work.
Is the tiny detail of whether the driver can set the exact fee really that important?
I was told, "we are all customers here."
I left, but found out later that they tried to do the same thing to the driver dropping it off. He left too.
Should the driver drive for free to return your jacket?
What if the driver is already en route to another passenger and they told the passenger 5 minutes, and your cost will be additional 10 minutes. Do you think another passenger will understand and be forgiving that their ride is 10 minutes late because of your situation?
If you really think about all the reasons and complexity involved in just returning your jacket, it's not as simple. But then, what if you were traveling and forgot your luggage?
I dunno what the right answer is, what do you think?
There is no need to actually give out the drivers phone number, Uber could easily have an 800 number that when called would prompt you for a case or ticket number generated by the app and then would provide you with options for anonymously connecting to your driver or a customer support agent.
> Should the driver drive for free to return your jacket?
When I drove cabs, we would take lost items back to the shop. If they were called for we might deliver them to you for free if it was really slow, but we would usually just charge you a regular fare from the shop to where you wanted it. Otherwise, you could come down to the shop and claim it in person.
> Do you think another passenger will understand and be forgiving that their ride is 10 minutes late because of your situation?
If you lost the item, I think the primary concern is that you actually get it back not how timely it is. Clearly you'll just have to wait until the driver is free and pay the fare to get the item back to where you are currently.
The driver being nice and wanting to contact the driver is cool at a small scale but at a large scale with millions(?) of trips per day, that sort of casual niceness doesn't scale at all. At scale, you run into all the questions asked by the parent. You have to address the "oh shit, I need to get/give something back" issue in a more systemic, scalable way that accounts for all the ways drivers and passengers might try to screw each other.
Whether the fee is the right way to make this happen, I cannot answer. But what I can say is the questions asked by the parent are the kinds of questions you absolutely have to answer when creating a feature allowing "call backs" that might get used by thousands or tens of thousands of people per day.
I'm pretty sure you can get their number if you call them via the app during the drive.
> A $15 fee is charged to you once your lost item is returned.[0]
[0] https://help.uber.com/riders/article/lost-item-return-fee-?n...
They also must have a large "compliance" department as each city, state and country seems to be enacting a different set of rules around how the company can operate.
All these different departments need software to support them (no point in having compliance if the app forgets to charge the right tax somewhere!), which means they need more accountants, more HR people, etc.
It seems like Uber could trim some fat (I had an interview with them that was laughably easy), but who knows if the CEO thinks he can do that without causing low morale and a stampede of the actual talent.
Personally I've had good and bad experiences with both, but almost everyone of my friends outside of tech uses Uber exclusively and love it. Can't wait to see how the race to a better self driving experience goes.
Uber lost all of my (bi-daily) business when they moved to the pool express business model.
This feels like a positive change as long as weather isn’t a huge concern.
https://www.recode.net/2015/8/25/11618002/lyft-kills-off-hot...
With old-pool, the driver did have to make more loops to get to me, which lowered the available time to get to my destination (as per the estimated arrival time provided by the app). Due to the tighter timeline, I typically arrived at my destination quicker and with fewer pickups.
Uber is disrupting the bus service.
When they were competing with Grab in most southeast Asian markets, Grab would usually out-compete on both parameters, too.
They're also not local, they're from Estonia, and operate in dozens of countries.
Isn't that a good thing? At least you don't have to talk to them... The point of Uber (and similar apps) is that they abstract the human interaction through the app (although in London very annoyingly many drivers still ask me where I'm going, despite me having entered the destination into the app).
Lately in Guadalajara, police have been unfairly cracking down on Uber drivers even thought it's legal (they're in bed with the taxistas), pulling them over for things like not having a baby seat (???). And I've had to communicate with most drivers through the app so we can arrange a more low-key pickup away from the police hotspots.
Besides, I'm human. I don't mind talking to others. Maybe it's because I'm 30 and part of the old guard now, but talking to another human isn't the worst thing in the world.
So either Uber wins the race to autonomous vehicles (which I think most people now regard as unlikely) or they have a hard limit on when their profitability is going to go away. So the valuation needs to reflect something along the lines of "How much money can uber make between now and 2025" and every year that goes by without profit, is a year towards the day that uber's business model goes poof!
Uber has no other profit center to prop it up. Everyone else has profitable businesses to lean on (Tesla, Waymo) or corporate backing (Lyft through GM) until they get to the finish line.
If you bet on Uber as an investment, you bet on the wrong horse.
I'm just pointing out how ridiculous Uber is by trying to charge me significantly more than a yellow cab to get somewhere when I can ballpark the cost pretty easily. It's just a very poor longterm business decision.
Only now do I try other services because I am suspicious that Uber is trying to rip me off.
They charge more... for a better service.
It's not some kind of con or scheme or a rip-off.
I didn’t say it’s a con and sometimes they charge less. But it’s certainly a practice that makes me skeptical and check out other services.
I assume they know I’m from here so I dont see that side but I’ve had them try some shit and you just need to do battle. In the end you’ll always win.
They have change. Their credit card machine works. If they claim neither then give them below fare and walk out. They will suddenly have change and a working credit card machine.
I don’t know if I could though. I have a certain love for getting on the crowded morning subway. It gives you something to legitimately hate anyways.
They made a choice to lose money and grow rather than break even and slow down.
Being acquired is still a long ways off when they still have this insanely high imaginary valuation.
Even if a taxi company would pay for lead gen, how many Uber customers would stick around when introduced to statutory taxi prices?
From what I recall, Uber is profitable in New York and San Francisco. Uber failing would probably involve them being bought by a private equity firm and cut back to servicing those cities.
They only way to win is if they monopolize a segment enough that they can jack up prices to make up for the sustained losses. Other ways this looks like Groupon. The more they sell, the more they lose. It is like some kind of pyramid scheme.
Then Uber connected us to a new Uber driver, we found the car in the official Uber road queue, but there were people already in the car. This was about a min after we were connected with this new driver, we asked if he could cancel as we can't wait for him to drop off his current passengers, but he didn't seem to know how to (or unwilling to). My question is, are Uber drivers just accepting people while they have people in the car, while stuck in concert traffic and obviously won't be done with there current fair for ages, then forcing the new passengers to cancel and get a MUCH higher rate.
Anyway, since we then had to force the cancel, we now had a HUGE uber fare quoted, like 3-4x our last price to try get a new cab. We tried it, but the guy was miles away, so we ended up giving up on Uber and taking public transport way out, then taking an Uber.
In hindsight, probably should have gone with public transport option first. Lesson learnt I guess. I just assumed, since there was an official Uber tent setup and people with official looking Uber vests on that they'd have a system set up to get people to there Uber's fast... or some system to just link up each person with the first uber car in the queue. Was nothing like that, it was chaos.
// end of rant
But... I was stuck out in the cold in the boonies of long island recently, and Uber kept bugging out and not finding rides since I was fairly rural. I downloaded Lyft for the first time and it found me a ride instantly. I'm going to have to use them more often.
Just my random anecdote.
These investors aren't investing their money, but someone else's money. If Uber folds now, these investors are to blame. But if Uber folds when the great crash (a-la 2001 and 2008), then, well, it's the entire economy - not the individual investor's fault.
So they do whatever is needed to keep Uber with high book value until the big crash. What's $20B of other people's money to maintain your sterling reputation as a smart investor?
> [VCs] get paid to allocate other people’s (LPs) money, and they are smart enough to transfer the risk. For example, VCs habitually invest in one another’s companies during later rounds, bidding up rounds to valuations that allow for generous markups on their funds' performance. These markups, and the paper returns that they suggest, allow VCs to raise subsequent, larger funds, and to enjoy the management fees that those funds generate.
And he has more such analysis. It's quite a good read if you are interested in that stuff https://s3-us-west-2.amazonaws.com/socialcapital-annual-lett...
How much does Cruise or Waymo burn per quarter? That might give us an idea of the ATG part. How much does Convoy burn? That might give us the Freight parts. No clue how we might estimate Elevate and Eats.
That said, it's worth looking at how Amazon is doing overseas these days:
https://www.fool.com/investing/2018/03/19/why-amazon-is-stil...
This is why growth abroad matters:
https://www.gapminder.org/fw/income-mountains/
Everyone bloviating with their personal ridesharing anecdotes is missing the bigger picture.
The only thing that looks like it could ever be profitable is Uber Eats, but there's no way that keeps the company afloat.
Their burn just reflects a continued, aggressive customer acquisition strategy.
Look at lyft, stuck in markets where uber is already there. Meanwhile, Uber fought legal battles and city governments all around the world: their staff often jailed and persecuted. What brand do you want to have when governments send your employees to jail? Quirky funny, or ruthless?
How many people got jobs and faster and cheaper commutes because Uber took a hit themselves to disarm local morally bankcorrupt governments?
The same problem is being faced by amazon/flipkart/walmart. Everytime you think that you are going to eliminate competition by offering discounts in say two years. Come two years and you see there is a whole new set of competition and you face a new task to burning $3 - $4 billions to the ground without the hope of seeing a dollar worth profit in return.
The fact that customer loyalty is totally absent and largely shifts based on prices isn't helping either.
I'm a decent user, I use it 1-2 a week.
Drivers have become worse. They used to have clean cars and were of all ethnicity. There also used to be a lot of women drivers. Now it's basically taxi drivers with their mate's cars. Cars are now often dirty, greasy interiors, dirty outside and bad smell.
And as soon as you have a 'usual' route, or you use the app a lot, you get charged more!! It's so disgusting.
I tried to book a trip to the airport for my inlaws using both my account and my wife's account. She rarely uses Uber, and hers showed a 10-15% cheaper rate. Do they think we're stupid? They targetted 'smart' people for using ride sharing as opposed to taxis, and now they try to play us.
Let's not even get started about dark UX patterns. It's hard to see peak rates now, and unless you get a bad gut feeling, you wouldn't know you're currently paying more than a cab rate.
What about that '3 mins away'? They're always 3 mins away for 10 minutes. Unless they fly close to a black hole it's just lies and horrific UX.
The same ride I used to pay $8 for is sometimes $25-32 now. Let's be honest, if anything better came along, I wouldn't look back.
At best now, my Uber rides always seem to be just about 10% cheaper than a cab.
I must be at "max milking rate".
(update: I went from +10 to -1 in 15 mins... I guess I touched a secret society)
This is my personal peeve with Uber that drives me nuts. When Uber first came out, the wait was typically a bit longer, but they were honest and upfront about the wait. I had no problem with that. If the wait was 15 minutes, I might order a beer and enjoy the wait at the bar. Or if I am leaving from home, enjoy my couch as opposed to standing outside my building's lobby.
I feel like they bait you now by always saying a car is 2-3 minutes away. Then that wait turns to 8, which turns into 8 minutes where the car just sits at an intersection, then it starts counting down. It infuriates me, but hearing about the rest of their business practices, I guess its not surprising. I have adjusted my behavior by not cutting whatever I was doing short until they are a block or two away, but it just makes for such a worse experience- my original pitch to my friends when Uber was new was "now you can have a beer inside the bar and let the cab come to you instead of going outside and fighting for a cab." Its definitely better, but I now feel like I am fighting with the app/algorithm...
It is your prerogative as a consumer to check multiple car hailing apps and pick the one that suits you best.
* Much lower quality cars (torn seats, smelly, old, safety issues...no one looks good showing up to a date in a Cab).
* Much lower quality drivers (some smoke openly, talk on the phone loudly, don't listen to you, take longer routes than necessary, etc)
* No accountability for service
* No trip data for safety reasons
* No handy log of all your recent trips
* More expensive + tip required
* Sometimes will pester you to be cash-only (even though the credit card machine works, they'll just lie to you)
* Ignore the law and will refuse to give you a ride if you're going to some specific destinations where they don't want to go.
I can go on and on. This is in most American cities. I will not take cabs even if they are cheaper.
Cabs deserve to be eliminated as a transportation option.
Huh?? The #1 reason I use ride-sharing apps is because I have no idea what I'll be paying for a cab until the ride is over.
What about Lyft?
> I tried to book a trip to the airport for my inlaws using both my account and my wife's account. She rarely uses Uber, and hers showed a 10-15% cheaper rate. Do they think we're stupid? They targetted 'smart' people for using ride sharing as opposed to taxis, and now they try to play us.
> Let's not even get started about dark UX patterns. It's hard to see peak rates now, and unless you get a bad gut feeling, you wouldn't know you're currently paying more than a cab rate.
> ...
> The same ride I used to pay $8 for is sometimes $25-32 now. Let's be honest, if anything better came along, I wouldn't look back.
The world now is rediscovering the valid motivations for the old taxicab regulations that so many were claiming were holding "innovation" back.
Uber's prices were so low mainly because they were using VC money to try bankrupt traditional taxi companies. Once the subsidies run out, Uber will probably at least as expensive as traditional cabs, if not more so, but with consumer-hostile pricing tricks that were once illegal.
Ride-hailing takes an incredible toll on cars, and with Uber pushing more costs into drivers that might otherwise be borne by the taxi company, there was no way the original standards of cleanliness would last forever. It all regresses eventually to “minimum amount of maintenance that people will still accept” and so Uber and taxis will be basically indistinguishable given a few more years. Hired cars are a commodity, after all, and this is what always happens to commodities.
That still gives me a much better experience than dealing with their bullshit.
No idea how strict Miami is on this stuff but I didn't really have time to dig into regulations and make phone calls 2 hours before a wedding while I've got some asshole shouting at me and being aggressive. I remember joking to myself "great, my phones dead so I can't Lyft, bet I'll have a great cab experience."
That was the last time I ever took a cab.
edit: Seems pervasive; https://www.yelp.com/biz/crown-taxi-miami
Just out of curiosity, does DC limit the number of cab drivers?
At some point, they'll all wean drivers out of subsidies, and cheap fares will see cheap cars on average.
Yes, it seems routine and unremarkable at this point to note that Uber continues to have a frightening contempt for its users and that this has not changed in a meaningful way after the CEO swap.
So, it seems drivers might be wary of driving for ridehsaring companies. What kind of knock-on effect will this have on Uber's profitability.
Brutal opening paragraph
63% revenue growth between Q2'17/Q2'18, 38% between Q3'17/Q3'18.
If my own 9 year old company was growing 38% YOY I think I'd be very very happy.
I think this graph neatly summarizes the concern at this point. There are few signs that the business can live up to its existing hefty valuation, not-to-mention the even-loftier IPO expectations.
Amazon was also famously unprofitable as a public company for a long, long time. But they still had revenue growth rates worth investing in and potentially more defensible businesses.
I do wonder if the ride-sharing business will wind up like the airlines business: valuable, booming but very, very tough to consistently make large profits.
Rather, how the airline business used to be, before it consolidated down enough (in the US). Now it's a goldmine of consistent profit compared to what it used to be.
Delta - the world's most profitable airline - generated $24 billion in operating income over the prior four fiscal years; $3.3b in the last two quarters. Not impressive compared to certain tech giants, however still excellent operating profitability given the history of airlines. The major US airlines are of course domestic focused, so the corporate tax cut took them all from ~35-40% rates down to closer to 20%, further bolstering their bonanza.
It's why Warren Buffett bought ~10% of all of them (Berkshire owns 9.2% of Delta, 9.7% of American, 9.8% of Southwest, 9.8% of United). He perceived that the market had permanently shifted due to consolidation. The airlines have become more like the modern railroads, going from brutal competition to stable oligopoly and consistent profit machines.
Last four years operating income:
Delta: $24b, American: $23b, United: $17b, Southwest: $14b
Uber just has very deep pockets compared to other companies that used this model (e.g. Movie Pass).
Their losses are growing. Growing revenue is important as a route to profitability, but if you are heading the other way despite growing revenue...
It's also a strange world where you need significantly more than 38% growth just to stop losing money while still valued at $50 billion.
Also, that revenue growth is half of what it was 6 months ago, which is the dramatic slowing referenced.
On the other hand, they are operating at a loss so increasing revenue just means they spend more money paying costumers to ride with them or eat with them. Only founding would limit the revenue growth when you are giving away stuff.
Enough that their losses get smaller, rather than bigger.
Why not just break accounting laws next? Then you can have $1T profit each year without even have to worry about any other laws.