[danielweber]

That doesn't show they are losing money by subsidizing rides.

From your source:

> Net revenue—the amount of money Uber generates after it pays its drivers—was $1.7 billion in the third quarter,

That's what it takes to be a real business. If you are a grocery store that buys bread for $1 and sells it for $2, you potentially have a real business even if you only move 20K loaves a month and need 30K to cover all expenses.

People keep on alleging that Uber is somehow buying bread for $1 and selling it for less than $1. There was stupidness like this in the first dot-com bubble. You aren't a business if you are doing this.

This distinction really matters. Since Uber is making money on each ride, there is a real business here.