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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.
However, 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.
Postmates 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’ results, which showed a loss of $286 million in the first quarter of 2020 and a loss of $232 million in the second quarter — an improvement of roughly 20%, according to Uber’s most recent financial reports.
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.
Uber 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’s $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.
While 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’s AB5 bill, which is designed to give additional employment protections to freelance workers. However, the company notes that such litigation “may not, in and of itself, give rise to a right of either party to terminate the transaction.”
Software developers are some of the most in-demand workers on the planet. Not only that, they’re complex creatures with unique demands in terms of how they define job fulfillment. With demand for developers on the rise (the number of jobs in the field is expected to grow by 22% over the next decade), companies are under pressure to do everything they can to attract and retain talent.
First and foremost — above salary — employers must ensure that product teams are made up of developers who feel creatively stimulated and intellectually challenged. Without work that they feel passionate about, high-quality programmers won’t just become bored and potentially seek opportunities elsewhere, the standard of work will inevitably drop. In one survey, 68% of developers said learning new things is the most important element of a job.
The worst thing for a developer to discover about a new job is that they’re the most experienced person in the room and there’s little room for their own growth.
Yet with only 32% of developers feeling “very satisfied” with their jobs, there’s scope for you to position yourself as a company that prioritizes the development of its developers, and attract and retain top talent. So, how exactly can you ensure that your team stays stimulated and creatively engaged?
78% of developers see coding as a hobby — and the best developers are the ones who have a true passion for software development, in and out of the workplace. This means they often have their own personal passions within the space, be it working with specific languages or platforms, or building certain kinds of applications.
Back in their 2004 IPO letter, Google founders Sergey Brin and Larry Page wrote:
We encourage our employees, in addition to their regular projects, to spend 20% of their time working on what they think will most benefit Google. [This] empowers them to be more creative and innovative. Many of our significant advances have happened in this manner.
At DevSquad, we’ve adopted a similar approach. We have an “open Friday” policy where developers are able to learn and enhance their skills through personal projects. As long as the skills being gained contribute to work we are doing in other areas, the developers can devote that time to whatever they please, whether that’s contributing to open-source projects or building a personal product. In fact, 65% of professional developers on Stack Overflow contribute to open-source projects once a year or more, so it’s likely that this is a keen interest within your development team too.
Not only does this provide a creative outlet for developers, the company also gains from the continuously expanding skillset that comes as a result.
One of the most demotivating things for software developers is work that’s either too difficult or too easy. Too easy, and developers get bored; too hard, and morale can dip as a project seems insurmountable. Within our team, we remain hyperaware of the difficulty levels of the project or task at hand and the level of experience of the developers involved.
Projects of any and all complexities benefit from proper software testing, and there simply isn’t enough reason for a tester to skip software testing altogether. A tester needs to spend their limited time and resources in performing software tests that would be beneficial to a project at hand. They need to choose their tests wisely […]
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In an age where every business, competitor, and industry are using digital mediums for their outreach and marketing, SEO plays a critical role in ensuring that you are still visible to your target audience. But using traditional SEO techniques in 2020 means spending a considerable amount of time and still not getting the right results. […]
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The gaming industry is constantly changing and evolving. Even though this may sound like a good thing, it doesn’t always have to be. Since the gaming industry is constantly reinventing itself, gaming trends come and go quite frequently. That’s why making future predictions can sometimes be a bit challenging. However, not all trends are the […]
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If you’ve never heard the word “insurtech” before, you’re not alone! A portmanteau of “insurance” and “technology,” insurtech is a relatively new term used to describe companies who are transforming the insurance industry using new technologies and innovations that optimize cost savings and maximize efficiency for insurance providers and customers alike. As a prime example […]
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