Your Uber earnings report has arrived... For the first time since IPO-ing last month, Uber issued its quarterly report card to investors. Shares rose despite mostly negative themes (because expectations were low):
- Uber's loss doubled to $1B as it splurges on more promo codes to keep you off Lyft or DoorDash.
- Growth is a problem, with quarterly revenues just 20% higher than last year because competition is fierce.
- Uber Eats is the golden child, growing much faster than Uber rides — It now makes up 17% of all of Uber's revenue.
The other, other white meat... Yum Brands is now in an "exploration phase" for a plant-based chicken alternative for all its KFC restaurants. Good timing — Burger King just announced that its meat-free Impossible Whoppers boosted store traffic by 18%.
Location. Location. Location... "Words With Friends" creator Zynga is now better at real estate than mobile gaming. It just sold its SF headquarters building for almost three-times what it paid for it in 2012, earning a $372M profit. Some context: Its core biz (gaming) lost $660M over those 7 years.