Feb 15, 2018

Uber CEO discusses company's finances

Illustration: Lazaro Gamio / Axios

Today, profits from Uber's ride-hailing business in developed markets (N. America, Europe, Australia, New Zeland) can pay for the whole company's centralized business expenses like engineering, CEO Dara Khosrowshahi said at Goldman Sachs' tech conference in San Francisco.

Why it matters: Khosrowshahi's comments come a day after the company released its financials for 2017, which showed its business grew despite a year of turmoil. The company has also long faced questions about whether its business model is even viable.

Yes, but: The company is still raking in billions in losses. Khosrowshahi attributed them to Uber's continued spending to grow its business in developing markets around the world, such as Asia, and investing in areas like self-driving car technology.

  • "I’m pretty confident that they can turn the nobs on this to make it profitable... But we’d sacrifice growth and innovation," he added.
  • "That comes from a person who’s run a profitable business for years, so this makes me intensely uncomfortable,” he said of his tenure as CEO of Expedia.

Go deeper

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 8 p.m. ET: 1,426,096 — Total deaths: 81,865 — Total recoveries: 300,054Map.
  2. U.S.: Total confirmed cases as of 8 p.m. ET: 396,223 — Total deaths: 12,722 — Total recoveries: 21,763Map.
  3. Federal government latest: Acting Navy secretary resigns over handling of virus-infected ship — Trump removes watchdog overseeing rollout of $2 trillion coronavirus bill.
  4. Business latest: America's food heroes in times of the coronavirus crisis. Even when the economy comes back to life, huge questions for airlines will remain.
  5. World latest: China reopens Wuhan after 10-week coronavirus lockdown.
  6. Wisconsin primary in photos: Thousands gathered to cast ballots in-person during the height of the coronavirus crisis in the U.S.
  7. 1 Olympics thing: About 6,500 athletes who qualified for the Tokyo Games will keep their spots in 2021.
  8. What should I do? Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  9. Other resources: CDC on how to avoid the virus, what to do if you get it.

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Airline industry braces for a forever-changed world

Illustration: Sarah Grillo/Axios

The airline industry got a $58 billion lifeline in the coronavirus federal aid package. But the path is unclear for these companies, whose operations and prospects will be forever changed by the global pandemic.

Why it matters: People may want to minimize travel for the foreseeable future. Investors, analysts and industry watchers are trying to determine how much airlines will need to spend — and how much more in lost revenue they'll see — while they adapt to the new reality.

Trump denies seeing Navarro memos warning about toll of coronavirus

President Trump said at a press briefing Tuesday that he "didn't see" memos from his trade adviser Peter Navarro warning in January and February that the coronavirus crisis could kill more than half a million Americans and cost close to $6 trillion.

Why it matters: Trump insisted that despite not seeing the memos, he did "more or less" what Navarro suggested by banning non-U.S. citizens from traveling from China effective Feb. 2.