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[The beef 675] [I'm an image] “How long until Uber just says ‘f*ck it’ and focuses on food delivery?” - Jeff Hey there carnivores, Markets were up on Thursday on better than expected weekly unemployment figures. Today we’re talking Uber earnings. Keep raging, Jeff & Jason [Image] [I'm an image] You will be missed Name someone happier than Travis Kalanick... I'll wait... Uber [beat revenue expectations]( but the hit to its earnings (er, losses) was greater than expected. Revenue came in at $2.24B vs. $2.18B expected while earnings per share was a $1.02 loss vs. an 86 cent loss expectation. The Uber of... well, ride-sharing posted a $1.8B loss. So, a lot. But, consider this... the company lost $5.24B during the same quarter last year. Its stock price was up almost 5% on the day before the earnings release sent it tumbling 3.5% after hours. Tough road ahead Even though it beat (low) revenue expectations, Uber [saw a 29% drop]( from the same period last year, and the results from its rides business were not encouraging. Gross bookings came in at $3.05B vs. expectations of $3.47B, which is down 73% from Q1 and 75% YoY. But if nothing else, 'rona boi and the sh*tstorm that bogged down Uber's business bought CEO Dara Khosrowshahi some time... Dara K. pushed plans for profitability back to 2021, although coronavirus provided him with an easy way to implement some [cost-cutting initiatives]( (read: firing 3.5k people). Winner winner UberEats was up 113% YoY and 49% compared to Q1 with $6.96B in gross bookings. It still operated with a $232M loss overall. With [the addition of Postmates]( for $2.65B earlier this summer, that booking number should only grow. The bottom line... Uber and Lyft face challenges beyond the pandemic. The state of California filed suit against the ride-sharing companies on Wednesday to change the classification of their drivers as independent contractors. [Image] The Best $4 You’ll Ever Spend Today Only [Flash Sale]( [I'm an image] ☑️ Tech dreams. Rocket Mortgage CEO Dan Gilbert got on his soapbox yesterday announcing that his company would be looking to use its newly minted IPO funds to go out and buy some fintech companies and bring them onto the platform. The company [sold]( 100M shares at $18 which came in short of its goal to 150M shares at the $18 to $22 range. A point of contention is whether the company is a mortgage lender or an actual tech company. Markets see it as the former, while the Rocket and its parent, Quicken Loans see it as the latter... So what we have here is a mortgage company that thinks its a tech company because it can close mortgages online. It makes more sense as to why LeBron left Cleveland (twice!). ☑️ That escalated quickly. Over the weekend President Trump threatened to ban TikTok in the US via executive order. Welp, he's a man of his word. Last night news broke that Donny Deals was [putting the kibosh]( on the app best described as "Vine but make it 2020." His order will bar anyone in the US from transacting with TikTok's owner, ByteDance. But that's not all, the President also banned Tencent's WeChat, an app that's incredibly popular in China and elsewhere in the world. The ban goes into effect in 45 days, which means TikTok-ers and Microsoft are about to have a very busy month and a half. ☑️ Meddling, eh? Maybe it's retaliation for [meddling]( with America's pastime, or maybe it's actually because Canada's exports have surged to historic levels. But either way, the US will reimpose a 10% tariff on Canadian aluminum. Donny Deals lent his John Hancock to a proclamation that [reimposes the levies]( on the raw material. The US had previously taxed its neighbor to the north bringing aluminum in the States back in 2018. Of course, the ink isn't even dry on the "new NAFTA." The United States-Mexico-Canada Agreement went into effect just last month. Unsurprisingly, Canada has vowed to retaliate. Which probably means Justin Trudeau writing a strongly worded letter that uses the word "hoser." RagingBull, LLC 62 Calef Hwy. #233, Lee, NH 03861 DISCLAIMER: To more fully understand any Ragingbull.com, LLC ("RagingBull") subscription, website,application or other service ("Services"), please review our full disclaimer located at [(disclaimer. FOR EDUCATIONAL AND INFORMATION PURPOSES ONLY; NOT INVESTMENT ADVICE. AnyRagingBull Service offered is for educational and informational purposes only and should NOT beconstrued as a securities-related offer or solicitation, or be relied upon as personalizedinvestment advice. 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