Uber Revenue Up 72% 

By John McPhaul, The Chicago Times

November 16, 2022

SAN FRANCISCO – Uber Technologies, Inc revenues climbed 72% in the third quarter report.

On Tuesday, Uber reported $8.3 billion in revenue for the three months ending in September, a 72% increase from the prior year.  Despite economic woes of inflation and a looming recession,  revenue growth was fueled by strong ridership and meal deliveries.

According to Uber, their  mobility segment, including its ride-hailing business, saw revenue jump 73% from the prior year to $3.8 billion for the quarter.

Uber Eats, the food delivery segment, saw a revenue increase of 24% from the prior year to $2.8 billion.

However, Uber reported a net loss of $1.2 billion due primarily to investments.

Kodak Reports Third-Quarter 2022 Financial Results

By Willard W. Hughes, The Chicago Times

November 08, 2022

ROCHESTER, NY – Eastman Kodak Company reported financial results for the third quarter 2022.

“For the third quarter of 2022, Kodak delivered year-over-year revenue growth for the sixth consecutive quarter. I’d like to thank our loyal customers and our employees for helping us deliver these results,” said Jim Continenza, Kodak’s Executive Chairman and CEO.

Kodak’s revenues were $289 million for the quarter ended September 30, 2022, an improvement of $2 million compared to the same period in 2021. 

Kodak reported a GAAP net income of $2 million for the quarter, compared to $8 million in the prior-year quarter. Operational EBITDA for the third quarter came in at $7 million, compared to $6 million for the same period last year.

On July 13, 2022, Kodak invested $25 million in Wildcat Discovery Technologies after exercising its right to draw an additional $50 million of aggregate principal in the form of delayed draw term loans under the Term Loan Credit Agreement.

Kodak reported a cash balance of $216 million for the quarter, a net decrease of $146 million from December 31, 2021. The decrease is attributable to increases in working capital, higher costs, and capital investment.

“In the third quarter, the Company’s primary uses of cash were investments in our previously-announced growth initiatives and increasing working capital to support our existing operations,” said Kodak CFO, David Bullwinkle. “Our profitability during the quarter was negatively impacted by the challenging business environment, including factors such as increasing labor and materials costs and the impact of foreign exchange.”

Ford To Leave Russia

By Brooks M. Deering, The Chicago Times

October 27, 2022

DEARBORN, MI – Ford Motor Company announced Wednesday that it will exit Russia in response to the prolonged Russian invasion of Ukraine.

Ford representatives said a deal has been finalized to sell its 49% stake in the Russian based Sollers Ford, a joint venture between Ford and Russian automobile company Sollers, for an undisclosed price.  However, Ford will retain an option to repurchase the shares within a five year period.

Ford took a $122 million writedown in connection to its suspension of Russian operations earlier this year but does not expect to take an additional writedown in connection with the sale to Sollers.

In 2019, Ford ceded control of the joint venture to Sollers Ford and closed two assembly plants and an engine factory in preparation to exit the passenger vehicle market.

French automaker Renault recently sold its stake in an assembly plant in Moscow to the Russian state for one ruble with an option to repurchase its stake within six years.

French Government Orders Striking Fuel Refinery Employees To End Strike

By Willard W. Hughes, The Chicago Times

October 12, 2022

PARIS – The French government announced it will order striking refinery workers back to work after fuel shortages threaten France’s national security.

Union workers at an ExxonMobil Esso France fuel depot have been on strike for weeks which has led to fuel shortages, social tensions, and poses a threat to the French nation’s survival as winter looms.

France’s energy ministry has invoked their right to requisition refineries in order to force workers, particularly union workers that threaten the survival of the nation, back to work.  According to French law, workers that refuse to work during the requisition period could be fined or imprisoned.

The instigator of the strike is the far left General Confederation of Labour union, which has forced its members to remain on strike at the Normandy based Gravenchon-Port Jerome fuel depot, despite an agreement between management and other unions.  

The General Confederation of Labour union plans to challenge the government’s requisition order.

Rivian Stock Plummets After Massive Vehicle Recall

By H. Mannheim, The Chicago Times

October 11, 2022

NEW YORK – Shares of Rivian Automotive Inc shed 7.3% on Monday after the electric-vehicle maker announced a massive recall last week.

Rivian, which is financed by Amazon, announced last Friday a recall of nearly 13,000 vehicles that may have a loose fastener that could cause the vehicle to steer out of control.  The recall constitutes nearly every vehicle produced by the company since it ramped up production in the third quarter.

Despite an initial vehicle production estimate of nearly 23,600 vehicles for 2022, production shortfalls and current economic conditions have caused Rivian’s share price to drop 67% during the year.

Toyota Announces Possible Leak Of Customer Data

By Jeff L. Tucker, The Chicago Times

October 8, 2022

TOYOTA, JAPAN – Toyota Motor Corporation announced Friday that nearly 296,000 pieces of customer data has been leaked from its T-Connect service.

Toyota revealed that 296,019 email addresses and customer numbers of those using the company’s telematics service T-Connect, which connects vehicles via a network, may have been leaked.  It is estimated that affected customers are those who signed up to the service’s website using their email addresses since July 2017.

Toyota did say that third party access could not be confirmed during a recent investigation of the data server, but did confirm that third party access “could not be completely ruled out.”  To ease nerves, Toyota added that customer’s sensitive personal information was not leaked.  However, the leaked emails and numbers could lead to spamming and phishing scams for affected customers.