It's a wrap for Postmates UPDATE: Literally

JadeB

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Postmates Is Over $929.3 Million in the Hole
Also: House of Prime Rib is ready to reopen, and more news to know today

by Eve Batey Oct 5, 2020, 12:56pm PDTShare this on Facebook
According to the Wall Street Journal, a Friday regulatory filing from SF-based Uber reveals that (also SF-based) food delivery app Postmates is running at a very, very steep loss. “Postmates had an accumulated deficit of $929.3 million as of June 30,” reporter Laura Forman notes, and in the second quarter of 2020 — yes, in those months when delivery apps were supposedly making the biggest bank in bankville — the company lost over $32 million. According to the filing, Uber’s hopes as a company are pinned on the market advantage the Postmates acquisition might offer it...but if Proposition 22, the California measure to keep delivery drivers classified as contractors, fails to pass, both companies could find themselves in even bigger trouble than before, because turning those gig-workers into full-fledged employees will cost a lot of money.

I'm a delivery driver for them and I knew the writing was on the wall when tips stopped flowing in two weeks ago:francis:
 
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JadeB said:
Postmates Is Over $929.3 Million in the Hole
Also: House of Prime Rib is ready to reopen, and more news to know today

by Eve Batey Oct 5, 2020, 12:56pm PDTShare this on Facebook
According to the Wall Street Journal, a Friday regulatory filing from SF-based Uber reveals that (also SF-based) food delivery app Postmates is running at a very, very steep loss. “Postmates had an accumulated deficit of $929.3 million as of June 30,” reporter Laura Forman notes, and in the second quarter of 2020 — yes, in those months when delivery apps were supposedly making the biggest bank in bankville — the company lost over $32 million. According to the filing, Uber’s hopes as a company are pinned on the market advantage the Postmates acquisition might offer it...but if Proposition 22, the California measure to keep delivery drivers classified as contractors, fails to pass, both companies could find themselves in even bigger trouble than before, because turning those gig-workers into full-fledged employees will cost a lot of money.

I'm a delivery driver for them and I knew the writing was on the wall when tips stopped flowing in two weeks ago:francis:
Click to expand...


It’s never over for a big company like this. Someone will buy a ball that day in reverse merge the company. Then six or seven years later they will take it public again. This is simply a game of chess to these people. Why do you think the rich get richer?
 
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lmao makes sense, they're the only one that offers discount codes every week.

on one hand that means if i'm using an app it's probably postmates but when every user is getting a discount sometimes multiple times a week that's def eating their profit.
 
VelourSocks

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BaileyPark31 said:
I've never used one if these services.

Is the markup for the food high?

I think UberEats sent me $5 coupon but I never used it.
Click to expand...
It’s always high. Just the convenience sometimes is worth the price.

Uber eats is probably the best service since they stay sending coupons.
 
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