At the same time, Uber’s unprofitable delivery service is still growing at a torrid pace, indicating that some homebound habits may be here to stay, even though people are going out again.
Those two trends produced Uber’s best quarterly report since the pandemic clobbered the San Francisco company 17 months ago.
The results announced for the April-June period included a rare profit that investors glossed over to focus on ongoing losses in Uber’s operations.
The second-quarter profit stemmed from a one-time gain of $1.4 billion to recognize recent increases in the values of Uber’s stakes in China’s leading ride-hailing service, Didi, and a self-driving car division that it recently handed off to Silicon Valley startup, Aurora.
Those accounting adjustments eclipsed Uber’s losses in its business, enabling the company to post a second-quarter profit of $1.14 billion, or 58 cents share, reversing a loss of $1.78 billion suffered in the same three-month period of 2020, during the early throes of the pandemic.
This story is from the Techlife News #510 edition of Techlife News.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the Techlife News #510 edition of Techlife News.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Warren Buffett Has Left the Table. Homeless Charity Asks Investors to Bid on Meal With Software CEO
The California homeless charity that received $53 million over the years from investors who wanted a private lunch with billionaire Warren Buffett has found a new business executive to auction off a meal with.
A Congressman Wanted to Understand AI. So He Went Back to a College Classroom to Learn
Don Beyer's car dealerships were among the first in the U.S. to set up a website. As a representative, the Virginia Democrat leads a bipartisan group focused on promoting fusion energy. He reads books about geometry for fun.
INTERNET PROVIDERS MUST NOW BE MORE TRANSPARENT ABOUT FEES PRICING, FCC SAYS
Much like nutritional labels on food products, “broadband labels” for internet packages will soon tell you just what is going into the pricing of your service, thanks to new rules adopted by the Federal Communications Commission this week.
CONTENT CREATION HOLDS APPEAL FOR LAID-OFF WORKERS SEEKING FLEXIBILITY
With a compact mirror in one hand and an eyelash curler in the other, Grace Xu told her roughly 300,000 TikTok followers she was likely about to be laid off.
IN ALEX GARLAND'S POTENT 'CIVIL WAR,' JOURNALISTS ARE AMERICA'S LAST HOPE
The United States is crumbling in Alex Garland’s sharp new film “ Civil War, “ a bellowing and haunting big screen experience.
MARGOT ROBBIE MAKING 'MONOPOLY' MOVIE AND BLUMHOUSE REVIVING 'BLAIR WITCH'
Margot Robbie has her sights on another toy. The “ Barbie “ producer and star is making a Monopoly movie, with Hasbro and Lionsgate behind it, the companies announced Wednesday at the CinemaCon conference in Las Vegas.
SOME STATES ARE SEEKING TO RESTRICT TIKTOK. THAT DOESN'T MEAN THEIR GOVERNORS AREN'T USING IT
POV: You’re on TikTok, and so is your governor — even as your Legislature considers banning the app from state-owned devices and networks.
HERE'S WHAT WE KNOW ABOUT UBER AND LYFT'S PLANNED EXIT FROM MINNEAPOLIS IN MAY
The future of Uber and Lyft in Minneapolis has garnered concern and debate in recent weeks after the City Council voted last month to require that ride-hailing companies pay drivers a higher rate while they are within city limits.
BIDEN ADMINISTRATION SETS FIRST-EVER LIMITS ON SO-CALLED 'FOREVER CHEMICALS' IN DRINKING WATER
The Biden administration finalized strict limits on certain so-called “forever chemicals” in drinking water that will require utilities to reduce them to the lowest level they can be reliably measured.
COURT UPHOLDS CALIFORNIA'S AUTHORITY TO SET NATION-LEADING VEHICLE EMISSION RULES
California can continue to set its own nationleading vehicle emissions standards, a federal court ruled this week — two years after the Biden administration restored the state’s authority to do so as part of its efforts to reverse Trump-era environmental rollbacks.
