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Uber Reportedly Burned Millions of Dollars to Make UberPool Work | Fortune.com

In 2015, Uber burned a whopping $1 million per week in San Francisco alone at times on its UberPool carpooling service in order to compete with rival Lyft, according to internal documents obtained by BuzzFeed.The money was spent on subsidizing rides to try to attract customers with low fares. As the company rolled back the […]

In 2015, Uber burned a whopping $1 million per week in San Francisco alone at times on its UberPool carpooling service in order to compete with rival Lyft, according to internal documents obtained by BuzzFeed.The money was spent on subsidizing rides to try to attract customers with low fares. As the company rolled back the discounts around the end of 2015, it reportedly lost 26% of its riders to Lyft.

Source: Uber Reportedly Burned Millions of Dollars to Make UberPool Work | Fortune.com

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