{"id":101067,"date":"2020-09-26T08:02:13","date_gmt":"2020-09-26T04:02:13","guid":{"rendered":"https:\/\/phonezone.ru\/news\/postmates-cuts-losses-in-q2-as-it-heads-towards-tie-up-with-uber\/"},"modified":"2020-09-26T08:02:13","modified_gmt":"2020-09-26T04:02:13","slug":"postmates-cuts-losses-in-q2-as-it-heads-towards-tie-up-with-uber","status":"publish","type":"post","link":"https:\/\/phonezone.ru\/news\/postmates-cuts-losses-in-q2-as-it-heads-towards-tie-up-with-uber\/","title":{"rendered":"Postmates cuts losses in Q2 as it heads towards tie-up with Uber"},"content":{"rendered":"<p>Popular food delivery service Postmates  is in the process of merging with Uber in a blockbuster $2.65 billion deal that would see it join forces with its food delivery competitor, Uber  Eats. The deal remains under antitrust scrutiny, and has not yet been approved for closing. The deal is expected to close in the first half of 2021.<br \/>\nHowever, a new SEC filing posted after hours this Friday gives us a glimpse into how Postmates is faring in the new world of global pandemics and sit-in dining closures across the United States.<br \/>\nPostmates posted a loss of just $32.2 million in Q2, compared to a loss of $73 million in Q1, nearly cutting its cash burning in half. That compares to Uber Eats\u2019 results, which showed a loss of $286 million in the first quarter of 2020 and a loss of $232 million in the second quarter \u2014 an improvement of roughly 20%, according to Uber\u2019s most recent financial reports.<\/p>\n<p>Altogether, Postmates lost $105.2 million in the first half of 2020, compared to a loss of $239 million in the same period of 2019.<br \/>\nUber through its filing today also disclosed the cap table for Postmates in full detail for the first time. On a fully diluted basis, the largest shareholder in Postmates is Tiger Global, which owns 27.2% of the company. Following up is Founders Fund  with 11.4%, Spark Capital with 6.9% and GPI Capital with 5.3%. At Uber\u2019s $2.65 billion all-stock deal, that nets Tiger Global roughly $720 million and Founders Fund roughly $302 million, not including some stock preferences and dividends that certain owners of the company hold.<br \/>\nWhile Postmates and Uber continue to go through the antitrust review process at the federal level, the companies also face legal pressure in their own backyards. Uber noted in its filing today that it and Postmates face headwinds due to California\u2019s AB 5 bill, which is designed to give additional employment protections to freelance workers. However, the company notes that such litigation \u201cmay not, in and of itself, give rise to a right of either party to terminate the transaction.\u201d<\/p>\n<p><a href=\"https:\/\/guce.techcrunch.com\/consent?brandType=nonEU&#038;done=https%3A%2F%2Ftechcrunch%2Ecom%2F2020%2F09%2F25%2Fpostmates%2Dcuts%2Dlosses%2Din%2Dq2%2Das%2Dit%2Dheads%2Dtowards%2Dtie%2Dup%2Dwith%2Duber%2F&#038;gcrumb=MrvWm7w=\">Postmates cuts losses in Q2 as it heads towards tie-up with Uber<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Popular food delivery service Postmates is in the process of merging with Uber in a blockbuster $2.65 billion deal that would see it join forces with its food delivery competitor, Uber Eats. The deal remains under antitrust scrutiny, and has not yet been approved for closing. The deal is expected to close in the first [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9174,6024,5114,9175,9176,9177,5420],"tags":[9178,1141,9134,7558],"class_list":["post-101067","post","type-post","status-publish","format-standard","hentry","category-founders-fund","category-ma","category-mobile","category-postmates","category-spark-capital","category-tiger-global","category-uber","tag-ab","tag-founders-fund","tag-tiger-global","tag-uber-eats"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Postmates cuts losses in Q2 as it heads towards tie-up with Uber - 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