Wednesday☕️

Aug 7, 2024 • 5 min read

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Uber Earnings:

Uber Technologies Inc. reported a strong earnings performance with a second-quarter net income of $1.02 billion, or 47 cents per share, up from $394 million, or 18 cents per share, in the same period last year. Additionally, Uber's gross bookings reached $40.0 billion, marking a 19% increase from the previous year and surpassing analysts' projections of $39.6 billion. Founded in 2009 by Travis Kalanick and Garrett Camp after struggling to find a cab on a snowy night in Paris, Uber received its first major funding in 2010 with a $1.3 million investment led by First Round Capital.
Over the years, Uber raised significant funds, including a $3.5 billion investment from Saudi Arabia's sovereign wealth fund in 2016, totaling over $25 billion by its 2019 IPO. Despite experiencing considerable losses, such as a $3.8 billion global loss in 2016, Uber achieved its first profitable quarter in Q2 2023, reporting an operating profit of $1.1 billion and a net income of $1.9 billion. This milestone underscores Uber's resilience and its ability to scale and adapt in a competitive market.

SunPower Files for Bankruptcy:

SunPower, a rooftop solar installer, has filed for bankruptcy after facing months of challenges due to high interest rates and allegations of misconduct in its reporting practices. In its Chapter 11 protection filing late Monday in U.S. Bankruptcy Court for the District of Delaware, SunPower listed assets and liabilities between $1 billion and $10 billion. The company’s largest stakeholder is TotalEnergies. As part of its restructuring efforts, SunPower announced it is selling its Blue Raven Solar and new homes businesses, as well as its non-installing dealer network, to Complete Solaria for $45 million, pending court approval.
The company has requested the court to approve the sale by mid-September. SunPower also plans to sell its remaining assets through the bankruptcy process. The company’s stock had already dropped below $1 in July after it halted new leases, product shipments, and installations, signaling the severity of its financial troubles. SunPower reported an annual revenue of $1.69 billion as of August 2024.
As of August 2024, the top public solar companies by revenue are NextEra Energy, with $23.99 billion in revenue. Following closely is LONGi Green Energy Technology, which also reported $16.42 billion in revenue. JinkoSolar matches LONGi with $16.42 billion, showcasing its strong market presence. Tesla reported $6.2 billion in revenue from its energy generation and storage solutions, including residential, commercial, and utility-scale projects.

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