Uber thinks it could actually turn a profit this quarter

Illustration by Alex Castro / The Verge Uber says it may be profitable this quarter for the first time in its history. The disclosure came in a new filing made with the US Securities and Exchange Commission. Whereas the company previously expected to make a net loss of under $100 million, it now believes it could make an adjusted profit of up to $25 million. “We believe Uber is now tracking towards Adjusted EBITDA [earnings before interest, tax, depreciation and amortisation] breakeven in Q3, well ahead of our prior guidance,” said the company’s CFO, Nelson Chai, in the filing. In a worst case scenario, the company cautions that it could still make a loss of $25 million. However, criticism has been levelled at the way Uber calculated its adjusted profits. Gizmodo notes that... Continue reading…

Uber thinks it could actually turn a profit this quarter
Illustration by Alex Castro / The Verge

Uber says it may be profitable this quarter for the first time in its history. The disclosure came in a new filing made with the US Securities and Exchange Commission. Whereas the company previously expected to make a net loss of under $100 million, it now believes it could make an adjusted profit of up to $25 million.

“We believe Uber is now tracking towards Adjusted EBITDA [earnings before interest, tax, depreciation and amortisation] breakeven in Q3, well ahead of our prior guidance,” said the company’s CFO, Nelson Chai, in the filing.

In a worst case scenario, the company cautions that it could still make a loss of $25 million.

However, criticism has been levelled at the way Uber calculated its adjusted profits. Gizmodo notes that...

Continue reading…