It’s why we use multiple metrics to evaluate a business, but it’s clear that Uber has large positive gross margins.
Ignoring all other expenses and saying that a company is a good business is ignoring reality.
I’m not just choosing a method that makes Uber look bad. They are not profitable or successful based on a legal GAAP definition of profitable.
If we just cherry pick numbers, we might as well think that WeWork’s made up metric of “community adjusted EBITDA” is valid.