The Verge reports Uber thinks it could actually turn a profit this quarter

From 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 the company’s definition of EBITDA includes an unusually large list of exclusions, and argues it’s not an accurate measure of the company’s overall profitability. Nevertheless, Uber shareholders were pleased, with the stock closing up 11 percent on the updated forecast.

Continue reading Uber thinks it could actually turn a profit this quarter on The Verge

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