Uber CEO Dara Khosrowshahi expressed his support Wednesday for a ballot initiative in Massachusetts that would keep gig economy workers classified as independent contractors, fulfilling a promise he made nearly a year ago to push for laws that preserve its business model. “In the state of Massachusetts, we think the right answer is our IC+… Continue reading Uber CEO calls Massachusetts gig economy ballot measure the ‘right answer’
Category: Tech News
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Uber is still losing a lot of money
Uber reported second quarter gross bookings of $21.9 billion, more than double the same period in 2020. Even so, the company posted an adjusted earnings loss of $509 million and a cash burn of $1.28 billion. The company’s CFO said bookings should rise, but losses likely will continue for another quarter. Loading Something is loading.… Continue reading Uber is still losing a lot of money
Uber shares fall despite revenue beat as its core operations continue to lose money
The company reaffirmed Q4 adjusted profit target, swung to positive net income thanks to investments Alex Wilhelm Kirsten Korosec 8 hours Today after the bell U.S. ride-hailing giant Uber reported its second-quarter financial results. The company’s numbers come a day after its domestic rival, Lyft, shared its own Q2 earnings. Notably while Lyft managed to… Continue reading Uber shares fall despite revenue beat as its core operations continue to lose money
Brazilian digital auto marketplace InstaCarro revs up with $23M in funding
InstaCarro, a digital marketplace that connects used car sellers to dealers in Brazil, has raised $23 million in a Series B round of funding. Notably, U.S.-based firms co-led the investment, including J Ventures, FJ Labs and Rise Capital. Spain’s All Iron Ventures and Big Sur also participated in the financing, among others. With the latest… Continue reading Brazilian digital auto marketplace InstaCarro revs up with $23M in funding
Elon Musk ruthlessly cleaned house of any Tesla workers who disagreed or got in his way, a new book says (TSLA)
A new book details numerous instances where Elon Musk appears to “rage-fire” employees. The CEO created an environment where workers who disagreed with him were swiftly ousted, the book says. In the past, Musk has denied allegations that he goes on such firing sprees. Loading Something is loading. Tesla CEO Elon Musk has denied allegations… Continue reading Elon Musk ruthlessly cleaned house of any Tesla workers who disagreed or got in his way, a new book says (TSLA)
Lyft reaches adjusted profitability milestone despite continuing net losses
Today after the bell, U.S. ride-hailing company Lyft reported its second quarter financial performance. In aggregate the company’s performance was a rebound from the year-ago second quarter, which was heavily impacted by the onset of the COVID-19 pandemic and resulting lockdowns in the United States. Lyft also managed to produce positive adjusted EBITDA in the… Continue reading Lyft reaches adjusted profitability milestone despite continuing net losses
China’s autonomous truck startup Inceptio raises $270m in Series B …
Premium China’s Inceptio Technology, a startup that develops autonomous trucks, announced on Tuesday that it has closed $270 million in a Series B round of financing jointly led by JD Logistics, Chinese food delivery Meituan, and private equity (PE) firm PAG. Go to Source
NXP Semiconductors reports solid Q2 with strong results in automotive
NXP Semiconductors on Monday reported solid second quarter financial results driven by major year-over-year growth in its automotive segment. The company reported net income of $406 million, or $1.42 per diluted share. Total revenue came to $2.6 billion, an increase of 43 percent versus the year-ago period, and better than the mid-point of NXP’s guidance. … Continue reading NXP Semiconductors reports solid Q2 with strong results in automotive
Kodiak Robotics’ founder says tight focus on autonomous trucks is working
Kodiak Robotics is one of the last private autonomous vehicles companies focused on trucking that is still standing. Nearly all the rest have been wooed by the public marketplace and the capital it can provide. But co-founder and CEO Don Burnette says the three-year-old company’s strategy of staying focused and small(er) is paying off. It… Continue reading Kodiak Robotics’ founder says tight focus on autonomous trucks is working
China’s indebted Evergrande to sell stakes in internet unit …
China’s most indebted property developer Evergrande Group has agreed to sell stakes in its internet unit HengTen Networks Group Ltd worth a total of HK$3.25 million ($418.2 million), an exchange filing showed on Sunday. Worries over the developer’s debt and the potential for systemic financial risk have intensified after Evergrande said in June its project… Continue reading China’s indebted Evergrande to sell stakes in internet unit …