It’s summertime, and the profits are measly. Nonexistent, actually: Uber this week announced it lost $5.2 billion this past quarter, while posting record low revenue growth. Rival Lyft did better, losing just $644 million in the same span. Uber CEO Dara Khosrowshahi called the loss a “once in a lifetime hit,” since much of it came from stock-based compensation costs in the wake of its IPO. Seeking profitability, both companies offered hints that they will ease off undercutting the other with subsidized rides. Yup, the days of the cheap Uber ride may be waning.
Elsewhere in corporate schadenfreude,