Jeepers

The standards of financial reporting these days. Now, OK, this is pendantry but, the Telegraph:

However, information revealed to prospective investors shows that Uber generated net revenues of $415m but racked up operating losses of $470m, although it is not clear whether this refers to a quarter, a year or another time period.

And the linked to report at Bloomberg:

Uber Technologies Inc. is telling prospective investors that it generates $470 million in operating losses on $415 million in revenue, according to a document provided to prospective investors.

It’s that “net” in the Torygraph report that grates.

“Net revenue” usually means profits. We can work out what they’re using it to mean here, Uber’s gross revenue net of payments to drivers etc. But it’s still an odd and entirely misleading way of reporting it.

3 thoughts on “Jeepers”

  1. While we are at it, would the BBC (and just about everyone else) stop saying that (for example) John McEnroe “won 7 Grand Slams” He didn’t. He didn’t win any. He won 7 tournaments which are constituents of the Grand Slam. But to win a Grand Slam, you need to win all four in a single year. Grrr!

    I feel better now.

  2. Having once had to teach a little of all this bollocks, I can tell you that students were baffled that “net” is used so much to mean that something-or-other has been deducted, but Nobody To Know What It Is.

  3. @NN: my dear fellow, the grade inflation continues. A former newspaper referred the other day to someone winning “a grand slam” when all they meant was that he’d won a match within a grand slam event. Soon it’ll be a set, and then a game, and then a single service point. Then it’ll be the ball-boys.

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