> Last quarter they made $770 million on $12 billion of revenue.
Well, keep in mind that 7 of that 12 billion went to cost of revenue (aka money paid to drivers etc). Turning a $770M profit off the remaining $5B isn't too bad.
The point is more about the profit for a company operating at massive scale- over 100 million users- and after pulling every lever to max out profit they possibly can- is only $770 million.
There was something of a red flag in that last report as well in that for the first time as far as I can tell, profit grew exactly in line with trips and gross bookings. What that implies is that the unit economics are maxed out. The business is as profitable as it can be and their only hope is to add more riders.
Well, keep in mind that 7 of that 12 billion went to cost of revenue (aka money paid to drivers etc). Turning a $770M profit off the remaining $5B isn't too bad.