I have heard that Lyft and Uber are not making much until they have self driving cars.
And I believe, they are spending / investing all their profit for self driving.
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It’s worth remember that Amazon didn’t get to where it is today by just reinvesting its profits into its core business, retail. It got there by diversifying into other tangential businesses like AWS that had fat margins.
Uber is using profits and being forced to spend it on discounts/promos to compete with other ride share companies all over the world
The one smart move that Uber did do is realize how over-hyped and far out the entire “self driving vehicles for personal use” is, began pulling the plug, and fakes the rest of the entire tech industry into thinking that “L5 self driving is the future, coming soon”. Meanwhile, Dara is aggressively using borrowed time to try to make something else work (eats for now, since it seems profitable, which buys enough time to break into freight and other sectors)