from uber.made a very blunt statement, making the point that this happened before he was ceo, but it is amazing. this is going to hang over uber. this trial will be covered, and this is a big silicon valley moment, and it signals totallyr's path is it over, and about controversies could still come back up. emily: what are the things you will be watching to see if uber is delivering on its promise to be profitable? not immediately, but eventually? eric: i think we need to see more data on the ride-hailing business. i really do think that there is , that wewhat uber says should not expect them to be profitable in each business right now. i think the real question is, does uber provide enough granularity to understand that it's old businesses can be as profitable? i don't think we truly understand that. there is not the breakout in the perspective of, here is london, here is where it started to modernize. we have been here at number of years. here is when it started to monetize. can they show in th

. >> i'll take uber.hy not? >> fake it. >> i look day over day, if you think about the market moves, right now uber on a two day where they both reported in terrible market conditions, in good market conditions, uber out performed by 4% including these numbers. so the fundamental stories at their core are the exact same. it is the same industry, it is just one is a core play, one is not. a lot of people have given a lot of credit to uber having all of the other businesses i don't think we should forget about them. >> coming up, more on today's mighty market comeback, stocks staging another monster rally. is it the all clear for your money? we're digging into that. later, a biotech beat down ar will tell you what sent shes of amarin tumbling in after hours. much more "fast money" coming your way after this quick break. so ...how are you feeling? on a scale of one to five? one to five? it's more like five million. there's everything from happy to extremely happy. there's also angry. i'm really angry clive!

including how uber will fare in a possible recession, a trade war, and the future of uber eats.t. this is bloomberg. ♪ from the couldn't be prouders to the wait did we just win-ners. everyone uses their phone differently. that's why xfinity mobile let's you design your own data. now you can share it between lines. mix with unlimited, and switch it up at anytime so you only pay for what you need. it's a different kind of wireless network designed to save you money. save up to $400 a year on your wireless bill. plus get $250 back when you buy a new samsung note. click, call or visit a store today. emily: this is "bloomberg technology." earlier the show, we brought you the first two parts of my ceo.rsation with uber's in this final part, we talk about the newer areas of business like uber eats, autonomy, e scooters, but how re if the fair -- fa economy slows down? >> the consumer in the u.s. is very strong. we're a very global company. the majority of our transactions actually are outside the u.s., so we look at global growth. to the extent global growth slows down, that could be n

why do you have different ratings on uber and lyft? neutral on uber, buy on lyft. tom: first of all, thanks for having me. our neutral view on uber really just comes down to limited visibility. it's a company fighting a lot of battles on a lot of fronts. on one hand, they have the big balance sheet and the scale to probably outlast a lot of players it is competing with. on the negative side, it is reacting and responding to a lot of the aggressive promotional activity from some of the ridesharing players and some of the online food delivery players it is fighting with. it creates a situation where it is harder to get comfortable with forecasting the financials. we think it is probably pretty challenging for the management team themselves, to give investors of clear and specific and precise 12-month view of where the financials are going to be. our ratings are based on a 12 to 18 month time horizon and we think the visibility and the share gains in the north american ridesharing market are kind of over the edge. emily: so, assad, let's talk about food delivery, beca

uber hits the brakes as second-quarter

a region uber eats, uber freight, uber health, micromobility can all roll into those regions this thosed we're very in the beginning globally as well as in vertical products for uber whereas a lot of the competitors, whether it be food delivery or whether it be ride-sharing are short of one-dimensional products that are competing with different sections of uber around the world. >> justin, you said initially that you thought that your takeaway from the call was quite different from what deirdre got from listening to the call i'm wondering, did you think dara, the ceo, was more certain about the path to profitability? did you think dara was also more certain about 2019 being a peak investment year? did you get more of a degree of certainty, the kind of certainty we got out of the lyft call from uber last night? >> absolutely. you can go back to nelson, the cfo's comments, where he definitely delineated between profitability on the core business and growth investment in areas like autonomous if you look at the core business, you've seen a return to profitability it was $220 million for ri

and uber had free reign.ed the crash entirely avoidable after investigations found that the safety driver was watching television on her phone at the time of the fatal incident. ms vasquez could still face charges of vehicular manslaughter. she looked down, they estimate, 160 times during the circuit that she was doing. the evidence showed that she was streaming the view, which is a tv show, on her phone at the exact time of the impact. so what exactly went wrong with uber‘s self—driving technology on that night? it can't really be to do with poor visibility, can it? one of the messed up things about the whole incident has been the video released by uber after the accident. and if you've seen this video, it looks like this street is very dark and then at last second the woman on the bike suddenly pops out of the darkness — right before the impact. in fact, this area is not as dark as this video shows. this drive—through at night follows the same route as the uber vehicle. it shows that the street lighting mak

that's uber.nvestors bracing for heavy losses at the open after what could only be described as a very weak quarter. >> weak, indeed. shares down about 7% today the company reporting a loss of 5$5.2 billion in the second quarter. that's compared to 878 million a year ago the bulk of that includes costs related to its ipo but excluding that, uber's losses were still about 30% worse than in the first quarter. revenue growth slowed to 14% to 3$3.2 billion uber's ceo dara khosrowshahi saying 2019 will be the peak investment year and losses should come down over the next two years. he says there's no doubt that uber will eventually be a break-even an profitable business bookings from the ride hailing business topped estimates, but revenues from uber eats fell short. khosrowshahi says uber eats still has room for significant growth but he doesn't expect the business to be profitable any time soon. that's not what investors want to hear. uber's report catching a number of invest off guard after lyft post

google sued uber, settled in 2017, uber paid google. levandowski refused to testify in the case pleading the fifth. out the l road in the ted to, s industry. >> after leaving uber spent many nights in berkeley think of what is next. >> today they removed him as ceo and his name from the website. said from marin county but current address is napa county, appears to be his parents' home. had a state tax lien this year. civil losses to settle, charnels not big surprise in the stry.mi utbout the tis mea forhe furelfri fascinat >> lot of money on the line. >>> meantime, uber and lyft drivers coming in from across the state to fight for a pro union bill under consideration in the senate. sky7 over the protest in san francisco. anser hassan is live with the latest on the fight to unionize. >> reporter: that's right. drivers calling this 500 mile pilgrimage to the state capital. began in los angeles, two rallies today, san francisco and oakland. in support of stengor befits d pay. >> picking up seven people >> reporter: drives full-time for ube

you said you believe uber can be profitable, but how confident and quickly can uber be profitable?ow confident are you uber can be profitable and how quickly? dara: i am very confident. the losses we reported was a $5 billion loss from an accounting perspective. if you live in an accounting world, that's a real loss. i live in the real world. in the real world, our ebida losses were lower than q1 and we are on a good path in terms of our ebida losses as well. but you are absolutely right. none of this will be easy. all of this will take excellent execution from all of our teams, marketing, technology, etc., and we are going to be demanding our employees do more with less and to execute incredibly effectively in order for us to grow topline and bottom-line. emily: is pricing the main lever you pull to profitability or are there other drivers? dara: scale. scale. it is getting big when you have over one billion rides a quarter and you have got trips growing 35% year on year. we think we can use technology to be more efficient. for example, instead of emailing a call center agent or c

coming up, our exclusive interview with uber ceo dara ceoher sasi -- with uber's and the path to profitabilityplus, we talked to the cofounder of apple to find out what he thinks about the shift from hardware to services. and a new study finds e-cigarettes are no safer than traditional cigarettes. one attorney general has filed multiple lawsuits to keep them out of the hands of teenagers. but first, to our top story. -- uber's ago, movers infamous ceo was forced to resign. executive came in and was forced to rebuild the reputation. he has brought in new management but has not been a smooth ride. a big ipo spark investment but investors have not been impressed and has traded at a low price since. i sat down with goobers -- ub er's ceo and began by asking if you made the right decision to join the company. : we have resolved the conflicts the company has and there are many issues the company was involved with. you have softbank is a partner .nd you want them behind you we have a great investor base. we have taken the company public. revenue has grown 75% since i joined. we now have a path to pro

uber is going to grow sub 20% in the u.s. a second quarter in a row where they gained what i think will be measurable market share, which is some part of the equation to ultimately getting profitability. >> did you say lyft was going to grow 70% and uber would grow 20% in the u.s.? >> just reported quarter, lyft reported 70% revenue growth and the street is looking for generally just under 20% for uber for june. >> quite a differential. gene, grade the quarter for us >> i'm going to give it a b-plus nice leverage in the business. we talked a little bit about that also see this idea of revenue per user being a positive. the reason why i didn't drift into the a territory had nothing to do with the lockup. the reason i kept it in the "b" category was we still have a long way to go this is a special type of investor that needs to be ready for a lot of lumpiness you see it with the street models getting whipped around here tomorrow. so all in, melissa, b-plus. >> gene, great to see you have thank you. >> thank you >> gene munster

speaking to uber. the reason they missed here i got off the phone, because the analysts did not anticipate the ipo rewards that they gave to their drivers. so in this earnings report, uber says they have included $298 million driver appreciation award. that was made in connection with the ipo which they also announced as well. what that is, they doled out stock compensation based on tenure to those drivers that have been with uber for a long time. still some pretty strong. pretty strong bookings. they made 15.75 billion. the growth rate is slowing. we're looking at 31% growth. we saw close to 40% over the past few quarters this is something i'm sure that analysts and market will take another look at as well. as for drivers and trips, still pretty strong numbers out there. i'm still trying to sift through this to look at other business revenues as well. that includes uber eats. ashley: yes. >> susan: you know they shipped about $10 billion in food orders over the past year. i will hand it back to you fo

at uber headquarters in san francisco. it is 11:00 a.m. here on wall street "squawk alley" is live ♪ >>> good morning and welcome to "squawk alley. i'm morgan brennan with melissa lee and mike santoli live here at post 9 at the new york stock exchange carl and jon are both off this morning. we've got a big show ahead with shares of uber tanking more from our exclusive interview with ceo dara khosrowshahi in just a few minutes. and later, dropbox dropping in a big way with those shares down 13%. ceo drewhouse will join us in another exclusive at the bottom of the hour. but first, we'll begin with what's really been a wild week for the markets with the dow down triple digits again down right now about 165 points. what should investors make of the big swings in stocks that we have seen for this week? bob pisani has those answers from the floor here for us bob? >> and the answer is that it depends on what the president is doing on tariffs and what the federal reserve is doing the president just making comments moments ago, not ready to make a

but why do you have different ratings on uber and lyft? neutral on uber, buy on lyft. tom: first of all, thanks for having me. look, our neutral view on uber really just comes down to limited visibility. you know, this is a company fighting a lot of battles on a lot of fronts. on one hand, they have the big balance sheet and the scale to probably outlast a lot of the players it is competing with. on the negative side, it is reacting and responding to a lot of the aggressive promotional activity from some of the ridesharing players and some of the online food delivery players it is fighting with. it creates a situation where it is harder to get comfortable with forecasting the financials. we think it is probably pretty challenging for the management team themselves, to give investors a clear and specific and precise 12-month view of where the financials are going to be. our ratings are based on a 12 to 18 month time horizon and we think the visibility and the share gains in the north american ridesharing market are -- market kind of take it over the edge. emily: so, asa

we are now increasingly with uber wide loyalty program getting users into uber rides and then uber eatsoving the users back and forth between the two. we think it creates a customer acquisition cost advantage over the other players. we think it creates a lifetime value advantage over the other players and what we're confident of is our eats business is much more efficient from a marketing standpoint than any of our u.s. competitors. that's the power of the platform that's where we're focused >> that is a very good point i can't underestimate the lifetime value of a customer there is an existential moment where you talk about rougher report areas, inner city, they cannot afford -- the consumers can't afford the increases in price. what are you going to do about that do you think it should be two-tiered do you think it is fair that people that aren't wealthy can't afford you and why shouldn't they get a break why shouldn't people be treated equally? >> i think it is a tragedy i think when you put into law laws that are not market driven, you wind up helping special interests and hurt othe

we want uber to be available to everybody.ut we are doing now is going to the next step of introducing other transportation choices tuber. we have always gone with pool. we are testing buses in cairo now to bring the price of uber down for to the next level. one dollar, $1.50, et cetera. introducing bikes and scooters. anyway you want to get around your city, we will be there for you. it will be mostly uber goods but we will have other third parties such as transit, one of our partners. anyway you get around, we went over to be there. if you want food or local commerce that i think we will power uber eats and other services will be there for you as well. emily: can uber be so transformational and stop losing money? can you create a good business for the rights to be a dollar? dollar? to be a dara: yes. if you look at the right your business, it covered our overhead less by about $100 million. the right your business itself is turning quite profitable. we believe the prophets of the right your business not only will grow top li

on the uber eats side, uber eats , the ceo is clear they want to use the ride-hailing to help fund uberis problem where lyft just has to show the past to get ride-hailing to work. uber needs ride-hailing to work to the extent it can fund other money-losing projects. yes, it has this great story that we will keep doing new things, but those new things are almost always worse than the business people already have questions about. that is the challenge it faces. guy: people keep comparing lyft with uber. why do they keep doing that? lyft is a north american business model. it doesn't run any of the risks associated with uber. it is basically in a much smaller group of businesses. and yet, uber is this global business that faces foreign exchange risks, trying to build a genuine ecosystem. people compare these two. why? eric: i think there is this sort of assumption that the u.s. ride-hailing business, if this whole thing works out, should be a good profit generator for either company, so uber's ability to beat lyft and hold its ground seems important for funding the whole endeavor. ono thin

did uber succeed? asked our guests. >> we see multiple ways that management can move towards profitability. we see near-term drivers in the form of reducing driver and rider promotions and incentives. we also think they are things the management teams can do in terms of reducing market expenses and insurance costs to help move the company toward profitability in the near to midterm. longer-term, we see additional upside in the move toward autonomy as being a key component in reducing costs and moving companies more toward profitability. emily: except that autonomy is just so far out. tom, uber said the losses would decline next year. both have indicated the price wars would subside. but why do you have different ratings on uber and lyft? neutral on uber, buy on lyft. tom: first of all, thanks for having me. look, our neutral view on uber really just comes down to limited visibility. you know, this is a company fighting a lot of battles on a lot of fronts. on one hand, they have the big balance sheet an

there is room for both lift and uber -- lyft and uber.mily: coming up, another mass shooting and another white nationalists manifesto finds its way to the darkest corners of the internet. we look at what can be done to fight online extremists next. and if you like bloomberg news, check us out on the radio, on the app, and on sirius xm. this is bloomberg. ♪ emily: a pair of mass shootings in the u.s. once again has the nation debating social media's role in these acts of violence. this is the third time this year a masked gunman has posted a murderer's manifesto on the messaging platform 8chan. this shooter gun down at least 22 people in el paso, texas, posting his a racist screed 20 minutes before the first emergency call came in. happened with the mass shootings in christchurch, new zealand and in the california synagogue shooting in april. now, the founder is saying enough is enough, telling the new york times quote shut the site down, it's not doing the world any good. it is a negative to everybody except the users who are there and it

uber acquired them eight months later for nearly $700 million, then levandowski was fired by uber in 2017. launched pronto ai for semi trucks. our coverage coinues. 5:00, i-team's dan noyes has been digging into the background. and then the problem of corporate theft in silicon valley. >>> protesters from rideshare companies uber and lyft protested outside headquarters, get the company not impede plans to unionize. >> hundreds caravanned today to raise awareness of the pro union bill under consideration at the state senate. anser hassan with the latest. >> reporter: drivers on the 500 mile pilgrimage to the state capital. started in l.a., today in bay area, oakland right now. state assembly bill 5 reclassifying them from independent contractors to employees. and possibly mean more benefits and more bay. >> uber, uber, you're no good. >> i'm picking up seven people for six cents a mile. >> reporter: 63-year-old debra garcia drives full-time for uber. working conditions need to change. >> california law supposed to be paying us minimum wage or 52 cents a mile. not getting that. >> repo

uber has said to try and alleviate traffic they invented uber pool, we go together. and a step further they have another service for nearby called uber stride. you put the address into your fon and you just walk there, you lazy piece of shti. -- shit. just walk, we don't need ubers all the time. we can just walk. (applause) yeah. and then afterwards you can rate yourself, you can be like two stars, i talk too much. all right, moving on. police in america are learning every day that some of the practices they consider normal are not exactly great when dealing with other human beings. and this story out of texas is just the latest example. >> incomes tonight outrage over a pair of widely viewed photos of mounted police officers leading a man down the street with a rope after arresting him in texas. >> authorities say a police vehicle was not available at the time. galveston's african-american police chief apologized to neily and called an incident an unnecessary embarrassment, adding this is a trained technique and best practice in some scenarios but that the officer s

let's get back to deirdre bosa for more on uber. >> we have some more comments from uber's ceo on theack of those earnings asked about that shortfall in revenue and gross bookings, he said, quote, the developing markets develop and the law of large numbers at some point catch up with you. he also said the most fundamental measure that he looks at is actually unit growth by that measure he says companies at our size would kill for it now, in terms of broader business efficiency, we've been talking about this price wars easing he did say that the ride-sharing business is becoming more rational, but that in the eats, their food delivery business, there's a lot of capital chasing a lot of growth. he says that he doesn't expect that business to be profitable in the next year or the year after frankly. guys >> thanks very much for that companies of his size you could say should also be profitable would be the pushback. let's bring in dan nyes and tom white. good afternoon to you both dan, to you first. how bad is this given that lyft looked strong yesterday? >> this is definitely a gut punc

. >> we have uber coming out. second quarter adjusted net revenue at $2.87 billion, missing the estimate of $3.05. growth china at $17.6 million, analysts expecting $15.83 billion. the losses in line with what analysts expected, never were. quarter,lion second analyst looking for $5.27 billion. >> much optimism has been built into the stock. a fall of more than 9%. our companies likely to be punish more at the moment if they fail to meet? >> it is the ford expectations. people were expecting things to be weak. if they guide to weaker numbers going forward, that could hurt the stock. these big companies, recent ipos, does the stumble tell you anything? >> other than being taken for a ride by uber? cycle at the point in the where we are starting to see distribution of expensive assets. we did not see it in the previous cycle, but certainly in the 1990's. you knew the top was coming when you had these companies with less than sparkling financials offering ipos to investors at expensive prices. it seemed like a great

traditionally, uber and lift have spent heavily in promotions traditionally, uber and lyft have spentt share. both companies have said price pressure is easing, but uber‘s cost still rose ia7% to $8.65 billion in the quarter as it spent more on research and development. uber‘s ceo dara khosrowshahi is betting that future growth will come, not just from ride services, but from other businesses like food delivery. for wall street, these numbers show this is still a company stuck in traffic. joining us is russ mould, investment director at aj bell. good morning to you, how are you? very well, how are you? not too bad. let's talk about uber, pretty dismal performance. this is a company which floated on the market back in may to great fa nfa re floated on the market back in may to great fanfare and then... their shares have gone from $45 from when they started to around $40 now, still giving a market valuation of about 73 billion us dollars, but after ten yea rs about 73 billion us dollars, but after ten years it is still not making a profit and is in giving indication that it will ever do

better life. >>> shares of uber and lyft are soaring today after lyft's strong results so will uber enjoy same gliding ride as it reports profits or lack of profits after the bell today deidre bosa joins us now >> hey, tyler of the it certainly seems like investors are optimistic but they want to know that uber is on track to profitability, even more so after lyft's results which beat across the board its team said later this year they would actually give investors a break-even date. uber is far larger and more diversified. on one hand the company may have more levers to pull to stem the cash burn but it has fierce competitors in ride-sharing abroad and food delivery and bigger and pricier moon shots. its rate of growth is also much less than that of lyft's analysts are expecting $3.4 billion in revenue, growth of 20%. lyft's revenue this past quarter grew by more than 70% of the both are still losing massive amounts of money but uber's headline number is expected to be enormous. so $3.4 billion in losses. that's net income this quarter but that is largely due to costs associated with its

—— uber.t later and we'll have those numbers for you. —— oboabona's results. in the last couple of hours, china's central bank set its official yuan midpoint rate below the key level of seven yuan per us dollar. a similar move earlier this week triggered a selloff in the global markets. if you recall, the dow in the us lost over 700 points that day. let's go to our asia business hub, where shara njit leyl is following the story. sharanjit, tell us shara njit, tell us about sharanjit, tell us about today's move on the chinese currency and the trade data that's come out as well. that's right, sally. it's really interesting because the central bank of china set its rate again reasonably weakly, but asian markets seem to be shrugging it off making slight gains. part of it is there to — yuan slight gains. part of it is there to —— yuan is stronger than most a nalysts —— yuan is stronger than most analysts expect, saying the chinese central bank want to limit declines, including reassuring foreign c

for uber, it is about leveraging the platform beyond just ridesharing into uber eats.ooters and bikes, and freight. it is really leveraging that platform across a much broader range of services so you get that leverage which allows you to make some profit. francine: there you go. matthew, thank you so much. we will be back with nicola mai from pimco and peter kinsella from union bancaire privee. lyft has not arrived in the u.k. yet. i don't know if that is a barrier to entry are anything like that. tom: we will see. you really don't know where this is heading. it has become an addiction, certainly here in new york. coming up, bloomberg daybreak on the equity markets and an update from someone from goldman sachs. worldwide, this is bloomberg. ♪ from the couldn't be prouders to the wait did we just win-ners. everyone uses their phone differently. that's why xfinity mobile let's you design your own data. now you can share it between lines. mix with unlimited, and switch it up at anytime so you only pay for what you need. it's a different kind of wireless network designed

analyst remain optimistic about uber.any have buy ratings for the company, but there is a lot of short interest in the stock and there is a lot of skepticism because the gross margins are huge and continue to grow somewhat, but will they outgrow the losses? ceoy: meanwhile, the uber talked about how he believed the competitive environment of ridesharing in the u.s. is going to start to stabilize. toe a listen to what he had say. >> the competitive ridesharing space continues to be stable and to improve. we will see plenty of competition and significant capital investment but incredible potential. >> the competition for uber is not dying down anytime soon. rise after shares their results. a much more focused business. is the uncertainty around huber going to be a long-term deterrent question -- uber going to be a long-term deterrent? still loses a substantial amount of money, but compared to uber, which needs to use money from ride-hailing to do food delivery -- that's basically what he is saying. ,ou see companies like do

-- ubers?ten talk about themselves like amazon, which was unprofitable for a long time and ultimately has become a real success story. differences among when amazon invested in it built a real infrastructure. does not have this fixed assets driving those losses. it is very transient where it is spending that money. matt: the ceo also addressing the ongoing legal battle with google. has implicated a former engineer. what are the lasting implications or have we not yet seen them? alex: i think we have seen them significantly. attempt tout uber's make a self driving car or system, it pushed it back by a year or more. it really stopped them in their tracks. it has also had broader implications for autonomous driving as a whole. namely, there was huge personnel transferred between these top companies years ago. people were going from google to apple to tesla and back. this ended that, sankyo got to be careful that you are not going to take your ip with you -- saying you got to be careful that you ar

okay, then what about for uber?hat about ride subsidies because we know they have been subsidizing each and every ride to gain more market share. that's costing about a billion dollars which is pretty much the loss we are expecting from uber, has that been tamped down. also, the regulatory environment. we do have this california bill right now that's being considered where drivers might be classified as employees instead of contractors and of course, you know that comes with benefits and the costs will boom. also, the lockup period, i should note, for early investors in uber because of something that really impacted the stock yesterday for lyft, they moved that lockup period by a month early which is very unusual. uber's lockup period is on november 5th. liz: of course, for those who don't know, that's when the insiders get to finally sell their shares. a lot of employees have been waiting for that. they have been paid in shares in some cases, right? susan: yeah, that's right. liz: they are dying to make some money

shares of uber are up. the u.k.s set to report second-quarter gdp tomorrow with economists expecting a slowdown is brexit headlands grow. let's get started with a quick check of the markets. we continue to see strong momentum with u.s. stocks jumping the most in two months. the s&p 500 about to embrace its weekly loss. every sector is in the green. the nasdaq is gaining for the third consecutive session. sentiment around china and what it is doing with you on setting a stronger-than-expected fixing for the currency giving investors confidence that there may be some stabilization in the chinese yuan. we are seeing 30 year yields rising for a second session. this is after it fell near record lows earlier in the week. given where rates are at the moment, we have seen a strong focus on that the 30 year bond option. the u.s. transit -- treasury sold bonds at 2.335%. the ratio coming in at 2.24. this was just have an hour ago. the key for everyone is watching the markets to see investor demand gauging their demand at such

uber is a contrarian pick. we think fundamentals will improve and finally spotify, we have clear catalysts with that name >> apple is up more than 2%. and year to date, 34%. and even month to date with all of the renewed tariff talk that we've seen play out and royal the m roil the markets more broadly, down half a percent. do you think the lack of tariffs on iphones is already priced in? >> i think that there is still this i'd say idle speculation that goes on one reason that the numbers in terms of performances, they had that strong june quarter but stock basically down 5% after that peak. and so that is largely in traded in line with the market. my sense too, i have a ton of respect for mark ma, and i woul also put in the contrarian camp apple in a contrarian camp and the contrarian is that most analysts have this view that to have a price target beyond $230 would somehow be a violation of some analyst code and they need to apologize to the buy side i in fact believe that the stock could be $350 or greater a

dozens of uber and lyft drivers protest outside of uber's headquarters on market street. demanding the companies treat the contract drivers more like employees. >> we want to be classified as employees because we've been misclassified. >> reporter: these demonstrators tell us they struggle to get by, driving for lyft and uber in the bay area. >> we need rights. >> when we work 87 hours a week, we should make more than this, more than $1,200. >> reporter: about 100 drivers are caravanning across the state to support assembly bill 5. if passed, it will require companies to provide ride share drivers with protections like a guaranteed minimum wage, benefits, and overtime. and today, they received som surprise support. >> you deserve protections from workplace and sexual harassment. that means you deserve overtime protection. >> reporter: presidential candidate pete buttigieg says he supports ab 5. >> i want these companies to succeed. i just want them to do it by doing right by their workers. >> reporter: at one point protesters tried going inside uber's offices but police b

but we do know that because uber -- anthony levanowski went over to uber that both companies have been involved in that case and certainly the prosecution of the case that will come later on down the road. we just heard from the attorney who is representing anthonyp levanowski and it says in part that he didn't steal anything from anyone. he said this case rehashes claims already discredited in a civil case that was settled more than a year and a half ago. the downloads at issue occurred while anthony was still working at google when he and his team were authorized to use that information. now he was allowed to self-surrender with his attorney so no big arrest case. he is due in court at 1:30 this afternoon. my colleague marianne favro is there in the throng of reporters and following up this story at 5:00 and 6:00. in the meantime, follow me on the social platforms. i put up a lot of information to follow. kris nbc is my handle. kris sanchez, nbc bay area news. >> thank you very much. a lot of information coming in. do want to make a correction. that is not the u.s. attorney who we he

uber introduced the uber copter so that caters to a different cliente clientele, but there are ridership growth in the boroughs and in the bronx >> meera, i wonder, what's the right model here because public transportation isn't market based so having uber/lcyft in the sam market trying to serve those at the low end of the income distribution it sounds good i wonder if market distortion works in transportation the way it does in any other capitalist market >> yeah. i mean, you raise a good point there is a lot of subsidy in public transportation. so one of the ways to try to help mirror the equity that you see in public transportation in some of the public providers is to ensure that those cars are constantly being used. so the whole ecosystem is profiting, including the drivers and their constant circulation of the cars. so i think things like the utilization rate, which new york has introduced and i think other cities are working towards to make sure there are less empty cars on is street and more in service are excellent approaches i think they're very under lined with the goals of th

. >>> the uber driver accused of kidnapping a teen on her way home from her sweet 16 party police say he drove in the wrong direction planning to sexual assault her. how she got away and called for help >>> the brazen heist in broad daylight caught on camera, armed robbers forcing employees on to the ground, binding them with zip ties and tape. the manhunt tonight for suspects who made off with millions in jewels >> announcer: this is "nbc nightly news" with lester holt. >>> good evening, i'm kate snow in for lester tonight. in an effort to hold someone accountable for this nation's devastating opioid crisis, more than 40 states have sued the companies that manufactured or distributed prescripti tonight, for the first time, a e led agctio compromised the health and safety of thousands of oklahomans the landmark decision could be the first of many and could impact an even bigger trial slated to begin this fall. we begin tonight with kristen dahlgren >> reporter: late this afternoon, a landmark decision >> defendants caused an opioid crisis that is evidence by increased rates of addicti

it knowingly and illegally took its secrets —— uber.inst anthony levandowski personally. responding to the charges, his lawyers did not dispute that the files were downloaded and insisted that no trade secrets ever made their way into uber or any other company. in court on tuesday, anthony levandowski pleaded not guilty to all charges and it is now out on bail. the next hearing will ta ke out on bail. the next hearing will take place early next month. japan‘s decision to drop south korea from its list of favoured trading partners comes into effect today in what has been an escalating trade row between the two countries. let‘s go to our asia business hub where shara njit leyl is following the story. what more can you tell us about this? essentially, japan dropping south korea from its list means a number of things. it means japanese exporters will now have to make sure their goods don‘t benefit south korea‘s military weapons industry because of —— before they can be sold seoul said they will scrap the military sharing pack. tokyo says al

you have said you believe uber can be profitable. how quickly can uber be profitable?onfident are you, and how quickly? >> i am very confident. , 5 losses we reported billion dollars from an accounting perspective. i live in the real world. in the real world, our ebit losses were lower than q1 and were on a good path in terms of ebit. losses as well. none of this is going to be easy. all of this is going to take execution from all of our teams. we are going to be demanding our with lessdo even more to execute incredibly effectively in order for us to grow the top line in the bottom line as well. nejra: that was dara khosrowshahi speaking exclusively to bloomberg. joining us from mumbai is niraj shah. in london is annmarie hordern. happy friday. we are seeing a lot of green in asia generally. what is sentiment like in india? >> good morning to you. happy friday. unfortunately, not a happy friday for the indian market. we are down for a third day. this is after last friday's announcement from the government . everything was hunky-dory. we were doing well. the last three

uber is just fighting a lot of very intense competitive battles not only in ride sharing but uber eats food delivery globally is probably more of a drag on profitability than core ride sharing is. in lyft's case, this year they signaled that it's going to be a peak investment year so for tonight and early the next quarter or so, i'm not anticipating investors are really going to hold them much to making meaningful progress on the profitability line but i think revenue growth will be the main metrics. liz: what's your call on the stock? >> we have a buy rating. liz: eric, final thoughts before we get these numbers on lyft and uber. >> i just want to touch one thing on this cost of driver. there is a measure in the california legislature that would redefine, force the companies to define their drivers as employees rather than contractors which would substantially increase the costs. i don't think this issue is going to be settled for awhile if it gets passed in california. you can imagine copycats in other states. liz: it's an overhang on both names. we will be watching it. eric, tom, gr

so we're hearing how did uber have such a big loss one is that uber is invested in many more businesses than lyft ub heer has a huge emphases on eats business. uber also has an international presence that lyft doesn't have. lyft is a u.s. player and uber is global and has more competition in other markets >> in terms of what we heard from lyft, part of the encouraging message was the price competition was easing between uber and lyft. in the part of uber's business that is competitive with lyft, are they seeing that kind of pressure ease? >> on the earnings call they acknowledged the pricing war seemed to be at a stabilization point in the u.s that's the key thing here with uber if you look at the revenue breakdown by region, latin america revenues declined 24%. that's a sign that the price wars likely are not quite as stable there at least signs that the competition needs to continue to be fierce and in other markets that's the case. >> are we potentially in for higher pricing coming out of these companies? is this the only way the business model can survive >> that seems to be the mod

and that's why you might be seeing uber stock popping today. uber operates in other markets like in latin america and india, which may not be as healthy in terms of price wars with rivals. and food delivery with uber eats operates that is a space that still has many well-capitalized competitors. now, for uber, the losses this quarter, will be eye popping 3.4 billion, largely because it includes costs associated with its ipo. research is expected at $3.3 billion, representing growth of 20% year over year lyft's revenue growth, that came in above 70% this past quarter uber has not so far been willing to tell investors when it would start stemming its losses. and guys, really given all the talk of profitability and all the optimism around that on lyft's call last night, uber may have to give the street more tonight. back to you. >> deirdre, thank you. we know you're going to be bringing us those numbers and headlines as we get them later lyft and uber are two of 103 ipos year-to-date, 45 of which are outperforming the s&p so far in 2019, led by th

uber acquired auto and hired levandowski and google sued uber. the case settled in 2018. uber agreed to pay google $245 million in equity, levandowski refused to testify in th case pleading the fifth. before the charges today, he started another company for self-driving trucks called pronto. he spoke with tech crunch about the long road in the autonomous industry. >> after leading uber, i spent the nights thinking through what is next and why hasn't it happened yet? >> reporter: today he was removed as ceo and removed the name from the company website. the fbi says he's from marin county and the search is napa county. it appears to be his parents home and had a state tax lean this year for $271,000. now i left a message at his parents' home and did not hear back. i'll be watching the court file and will be back when the news warrants. a lot more to come. >> so interesting, too. >> definitely. thank you, dan. >>> we first sent out the alert about this story through the abc 7 news mobile app at 10:30 this morning. the app is one way to stay on top of breaking news as it com

and uber disappoints. shares are down sharply after reporting its latest results. and on the markets, trade in asia nudging up cautiously — following a tumultuous week. and wall street posts its biggest gain in tow months. —— two months. big tech is under the spotlight today, with leading firms summoned to the white house for a meeting on curbing violent online extremism. it comes just days after two mass shootings in the us, which left 31 people dead. the suspect in the texas shooting posted material on the controversial 8chan online message board before the attack. pressure was already mounting on tech firms after the christchurch shootings in new zealand, which were livestreamed on facebook. 51 people perished in the attack. the global internet forum to counter terrorism, set up by firms like facebook and twitter, have already pledged to do more to identify and remove extremist content and says it's rolled out a "cross—platform counter—violent extremist toolkit". the forum has also promised to do more to block offensive content as violent events actually unfold.

i still like uber better because uber is more of a platform and lift is like a taxi and limousine companying to feel that way for a long time. the way they get to their numbers, 15 times ebitda in 20 -- what are they saying 2023 i mean that's what we're doing now? this is what we're investing for? >> 2023. >> fine, great it's 2019. i have other things to worry about and bills to pay right now. >> but you're willing to do a short-term deal on uber. >> not for this. >> because if i put in a short-term trade on lyft and then i'm in the trade. >> yeah. >> i don't feel like there are as many catalysts as in uber for other things of just outside of ride sharing to happen ride sharing is not a great business i don't care how much scale you have uber has other things happening like eats that i do think have bigger potential lyft is like hey we'll get you a taxi. >> you see the bikes in chicago. >> doesn't -- >> out of uber then? >> i have no position right now. i want to get back into uber but i don't have a reason to. >> not yet >> you buy lyft? >> no. >> buy this upgrade? >> i don't i don't thi