> The core business is very profitable. Loss-making is happening in their less mature product categories and expansion efforts.

Not really. It is true that in their non GAAP accounting they broker out revenue by segment and showed that "Rides" made a profit of $631M but they also include categories for eats, freight and other bets that lost money.

But the kicker is that they introduced a category called "Corporate G&A and Platform R&D" which lost $621. If you look at this category which includes

> "Corporate G&A also includes certain shared costs such as finance, accounting, tax, human resources, information technology and legal costs. Platform R&D also includes mapping and payment technologies and support and development of the internal technology infrastructure. Our allocation methodology is periodically evaluated and may change."

SO basically they are saying Rids is profitable if you don't need to have a business to run it, ie no lawyers, HR, execs, payment systems, cloud infrastructure or employees to develop code.

TL/DR rids is profitable if you ignore the cost of running the Rides business and only look at the income that it brings in, which is true for any business that has income.