Nostr

In 2021, Horan showed how Uber had burned through nearly all of its cash reserves, signaling an end to its subsidy for drivers and rides, which would also inevitably end the bezzle:

https://pluralistic.net/2021/08/10/unter/#bezzle-no-more

In mid, 2022, Horan showed how the "profit" Uber trumpeted came from selling off failed companies it had acquired to other dying rideshare companies, which paid in their own grossly inflated stock:

https://pluralistic.net/2022/08/05/a-lousy-taxi/#a-giant-asterisk

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Cory Doctorow 2y ago

At the end of 2022, Horan showed how Uber invented a made-up, nonstandard metric, called "#EBITDAProfitability," which allowed them to lose *billions* and still declare themselves to be profitable, a lie that would have been obvious if they'd reported their earnings using #GenerallyAcceptedAccountingPrinciples (#GAAP):

https://pluralistic.net/2022/02/11/bezzlers-gonna-bezzle/#gryft

Like clockwork, Uber just announced - again - that it is profitable, and once again, the press has credulously repeated the claim.

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Cory Doctorow 2y ago

So once again, Horan has published one of his magisterial debunkings on #NakedCapitalism:

https://www.nakedcapitalism.com/2023/08/hubert-horan-can-uber-ever-deliver-part-thirty-three-uber-isnt-really-profitable-yet-but-is-getting-closer-the-antitrust-case-against-uber.html

Uber's $394m gains this quarter come from paper gains to untradable shares in its loss-making rivals - #Didi, #Grab, #Aurora - who swapped stock with Uber in exchange for Uber's own loss-making overseas divisions.

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