Archive
All writing, page 2
Uber grew fast in Q4. The earnings miss needs a closer look.
Uber’s Q4 2025 bookings and cash flow grew, while investment marks complicated EPS. The operating margin deserves its own read.
Sonder's collapse shows why platform apartments can't escape their landlord problem
My Sonder stay was good. Its fixed leases, operating costs, and failed Marriott deal were harder to fix than the guest experience.
Sweetgreen's Q3 Miss Shows Fast-Casual Isn't Affordable Anymore
Sweetgreen’s sales decline and wider loss exposed the pressure on a restaurant model built around frequent spending by younger customers.
Tesla started Cybercab production; the ride business is still the test
Tesla's April 2026 Cybercab production target became an early production milestone. Public fleet deployment and operating cost remain separate, unproven steps.
DoorDash's Q3 profit was real. Its new spending still needs a scorecard.
DoorDash earned $244 million in Q3 2025 and planned a large increase in 2026 investment. The global technology stack is the test.
Lyft Missed Earnings by 60% and the Stock Went Up
Lyft missed Q3 EPS by 60% but the stock jumped 7%. Wall Street cared about one thing: $1.03 billion in free cash flow for the first time ever. That's the metric that actually matters.
Q3 2025 Gig Earnings: The Orders Were Easy. The Costs Weren't.
Uber, DoorDash, and Lyft all grew in Q3 2025. The useful question is what each had to spend to keep growing, and which costs actually showed up in the filings.
Tesla Shareholders Voted Yes to Musk's $1 Trillion. He's Not Getting $1 Trillion.
The shareholder vote passed. But the structure means Musk only gets paid if Tesla hits aggressive growth targets. The real story is what it says about retail versus institutional power.
Sonos Says They Fixed Their Software. They Haven't.
Sonos reported strong Q4 2025 results and claims they've restored software quality after the May 2024 disaster. But their app is still glitchy, and they're about to make it worse by adding AI features.
Waymo's 2025 expansion promises met three different launch tests
Waymo named Detroit, Las Vegas, and San Diego in 2025. By September 2026, public rides had begun in two; Detroit still needed a public launch.