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Uber excited investors and analysts last week when it predicted it would hit "profitability" by the end of this year. But the company’s definition of "profitability" doesn’t accord with standard accounting and leaves out a whole mess of expenses. The company’s preferred profitability measure — adjusted EBITDA — is problematic, because while it is improving, its outflow of actual cash is actually worsening.
Uber finally gave its investors a reason to cheer — the longtime money-losing company (...)