The future of transportation network companies is far from settled. While influential in the popular consciousness, companies like Uber haven't figured out how to make money.
Eric Newcomer reports on the "eye-popping" losses for Uber.
In the first nine months of this year, the ride-hailing company lost significantly more than $2.2 billion, according to a person familiar with the matter. In the third quarter, Uber lost more than $800 million, not including its Chinese operation.
A small silver lining for the company, according to an anonymous source reported in the story, is that the company has continued to grow its revenue—$3.76 billion in net revenue in the first nine months of the year, toward an expected $5.5 billion for the year.
According to Newcomer, 2016 was marked by the company's decision to leave China. The most recent bad news cycle came as the company rolled out self-driving cars to the streets of San Francisco without any regulatory clearance. On the first day of operations, one of Uber's self-driving cars failed to stop at a red light.
Hong Kong Cab Hailing App Folds — and Uber Takes Over
HKTaxi launched a year before Uber came to town. Now, it’s shutting down. Lawmakers worry a monopoly looms.
Minnesota Lawmakers Reach Ride Share Compromise
A law awaiting the governor’s signature establishes wage rates for drivers. Ride share companies say if the law passes, they plan to continue service in the state.
Uber Sees Record Ridership, Finally Posts a Profit
The ride-hailing giant posted an operating profit for the first time in its history, thanks largely in part to its successful food delivery business.
Maui's Vacation Rental Debate Turns Ugly
Verbal attacks, misinformation campaigns and fistfights plague a high-stakes debate to convert thousands of vacation rentals into long-term housing.
Planetizen Federal Action Tracker
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San Francisco Suspends Traffic Calming Amidst Record Deaths
Citing “a challenging fiscal landscape,” the city will cease the program on the heels of 42 traffic deaths, including 24 pedestrians.
Defunct Pittsburgh Power Plant to Become Residential Tower
A decommissioned steam heat plant will be redeveloped into almost 100 affordable housing units.
Trump Prompts Restructuring of Transportation Research Board in “Unprecedented Overreach”
The TRB has eliminated more than half of its committees including those focused on climate, equity, and cities.
Amtrak Rolls Out New Orleans to Alabama “Mardi Gras” Train
The new service will operate morning and evening departures between Mobile and New Orleans.
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