Originally Posted by
I-Like-To-Bike
They don't, never have. In fact, they (Uber, Lyft, et al.) lose hundreds of millions of dollars every year.
They "hide" the profits with growth. Uber in particular burns thorough a lot of money every year in expansion globally, and into bike share and other markets. The company is still "worth" a couple billion dollars. "Profit" is to be avoided at all costs unless they want to be taxed heavily. Uber CEO is currently worth nearly 6 Billion Dollars. That's BILLION. With a "B". "Losing" money on paper is one way to accumulate wealth in the USA.
Since their growth potential is low now after establishing themselves everywhere they wanted to be, their earnings are dropping steadily. Without the growth, the numbers look bad. Except the CEO. SIX...BILLION...DOLLARS. Yeah. Losing money big time.