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September 22, 2021 10:37 am

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...



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Original Link: https://www.theverge.com/2021/9/22/22687501/uber-adjusted-profit-q3-2021-pandemic-ride-hailing-food-delivery

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