The future of transportation network companies is far from settled. While influential in the popular consciousness, companies like Uber haven't figured out how to make money.
Eric Newcomer reports on the "eye-popping" losses for Uber.
In the first nine months of this year, the ride-hailing company lost significantly more than $2.2 billion, according to a person familiar with the matter. In the third quarter, Uber lost more than $800 million, not including its Chinese operation.
A small silver lining for the company, according to an anonymous source reported in the story, is that the company has continued to grow its revenue—$3.76 billion in net revenue in the first nine months of the year, toward an expected $5.5 billion for the year.
According to Newcomer, 2016 was marked by the company's decision to leave China. The most recent bad news cycle came as the company rolled out self-driving cars to the streets of San Francisco without any regulatory clearance. On the first day of operations, one of Uber's self-driving cars failed to stop at a red light.
Hong Kong Cab Hailing App Folds — and Uber Takes Over
HKTaxi launched a year before Uber came to town. Now, it’s shutting down. Lawmakers worry a monopoly looms.
Minnesota Lawmakers Reach Ride Share Compromise
A law awaiting the governor’s signature establishes wage rates for drivers. Ride share companies say if the law passes, they plan to continue service in the state.
Uber Sees Record Ridership, Finally Posts a Profit
The ride-hailing giant posted an operating profit for the first time in its history, thanks largely in part to its successful food delivery business.
Alabama: Trump Terminates Settlements for Black Communities Harmed By Raw Sewage
Trump deemed the landmark civil rights agreement “illegal DEI and environmental justice policy.”
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The 120 Year Old Tiny Home Villages That Sheltered San Francisco’s Earthquake Refugees
More than a century ago, San Francisco mobilized to house thousands of residents displaced by the 1906 earthquake. Could their strategy offer a model for the present?
In Both Crashes and Crime, Public Transportation is Far Safer than Driving
Contrary to popular assumptions, public transportation has far lower crash and crime rates than automobile travel. For safer communities, improve and encourage transit travel.
Report: Zoning Reforms Should Complement Nashville’s Ambitious Transit Plan
Without reform, restrictive zoning codes will limit the impact of the city’s planned transit expansion and could exclude some of the residents who depend on transit the most.
Judge Orders Release of Frozen IRA, IIJA Funding
The decision is a victory for environmental groups who charged that freezing funds for critical infrastructure and disaster response programs caused “real and irreparable harm” to communities.
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