How were they possibly able to adjust away 2.4 Billion dollars?
However, "adjusted earnings" is a PR number it doesn't have any particular financial meaning. If Uber wanted to make the case that they are moving towards profitability, they could talk about operating income or cash flow from operations or some other metric that has a GAAP meaning.
Those are the numbers to watch if you want to know if the company can ever be profitable.
They bought some stake in company Didi.
In this past quarter, they acknowledged this stake was worth 3.2b less than it was recorded as in their books.
Therefore, their books now "lost" 3.2B in value.
But they did not "overspend" by 3.2B in the sense most people expect when hearing "they just lost 3.2B this quarter"
Lol, how does that happen, honestly.
Chinese Government announced it was investigating Didi for national security, which is usually code for corruption/ scaring management into greater compliance.
Didi was a massively valuable Chinese company Uber owned a significant amount of. When the stock value crashed (-23% this quaarter), it destroyed a significant amount of book-value for uber who owned it.