Listen: Uber loses more than $1bn in first quarterly report since IPO
"And Yuba has reported a quarterly loss of over one billion dollars. That's among the largest of any public company on more than its rival lift lost in all of twenty eighteen but the ride hailing firm, laid out a Paul, the bringing costs down the company, CFO says they'll cut back on customer promotions and will reign in marketing expectations. So to discuss all this. We've got Bloomberg intelligence analyst, Matthew blocks with us in the studio. Matt, great to see you again. How will the results then competitive expectations, they were pretty much in line. I mean the company had provided a range on the kief entre metrics when they published the perspectives. Most of those metrics came in at the veteran that range and that was laws. You wear analysts had kind of estimated that come, so, you know, no big surprises really all natural numbers. Did you say much to reassure investors about the outlook and this is what people are looking for incrementally? The they made some encouraging comments nothing specific. They didn't give any specific financial guidance US companies tend to give a range for the next cool tool. Revenues, I didn't do anything like that. But they did say through q one to q two they'd seen an easing of the competition that's been putting a squeeze on profitability. That's kind of giving them something about the kind of the potential to kind of still easing losses and make some kind of money on their by sharing business going forward. So I'm wondering what explains the share price reaction was at to with outlook was at the fourteen percent increase in revenue even though we're still talking about an awesome making company. I think is that outlook that I mean, if you think about it, they make a direct margin of minus four and a half percent on that right sharing business, which you'd think that if you're going to be in a business, you need to be making some margin on that the reason they haven't been this because they being incentivizing drivers been incentivizing customers as grow this business to the encouraging signs, as you mentioned that going to kind of ease the promotion activity that doing the competition seems to be doing the same kind of sales marketing promotional pressure on the business for the next couple of looking at lowering marketing expenses. Expectations as I said, you bring that up. But also the other thing is the question of how it's going to grow into Asian because one number analysts have their eyes on the growth of gross bookings, and that slowing so going to grow to the valuation, as a business gets bigger. You expect that, that growth naturally, but sales growth in gross bookings is really a key metric for this business until that she's thought to make some real profits. It's a combination of raising the number of rights kind of use of the service, which is partly through how much they use the ridesharing. But also how much of these things that you very these new businesses like freight got things like mopeds and scooters. They took about twelve trillion dollar market opportunity, and they need to convince people can really growing about one percent point one percent of the moment says about how they can grow into that. He they see and just very briefly analyst commented in a note. Another key question is, how as they cut losses if that even happens that would impact long term, demand, Yuba services could open a door for analyst to spend time digging into more fine grain metrics, a great. I think I do. Competition. Is that the position of markets, but people lift are expanding as well. You've on the east side at delivery, just those kind of businesses. So I think we're kind of looking at a few years of intense competition, the spaces people Bill platform. So it's going to be fluctuating. But convince people that they can kind of"