by Wolf Richter, Wolf Street:
This hoped-for fake “profitability” isn’t profitability, but “Adjusted EBITDA,” Uber’s own homemade creature.
Uber – which announced another round of mass-layoffs this week of 3,400 folks or 14% of its staff – reported another classically horrendous quarterly loss this evening.
Revenues rose 14% in the first quarter, ended March 31, to $3.5 billion. But operating expenses, despite cost cuts and the series of layoffs, jumped by 16% to $4.8 billion. And there were “other expenses” of $1.8 billion and interest expenses of $118 million, a tax benefit, and a couple of other things. And the net loss tripled to $2.94 billion.