You’ll be shocked to know that even some renowned companies face financial hurdles. Join us as we delve into the difficulties of 13 well-known brands that are struggling to turn a profit. P.s #1 is a real shocker!
13. Pinterest
Part digital pinboard and part search engine, it may come as some surprise to learn that Pinterest made a net loss of $96 million in 2022. The platform may have hundreds of millions of users globally, but that’s not yet enough to ensure consistent healthy profits.
12. Blue Apron
Blue Apron’s another big company that’s struggling to turn a profit. Competition from the likes of HelloFresh is a serious threat, and to add insult to injury, the latter is now more successful on a global scale. Attracting and retaining customers has become a major problem for Blue Apron – as is the return of restaurant visits following the worldwide pandemic, which boosted home delivery businesses like Blue Apron. Can the food box delivery service find a way through?
11. Reddit
Despite being one of the top ten most visited sites in the world, Reddit doesn’t make a profit. Yet it’s valued at about 10 billion dollars, so the future should be bright. Perhaps further investment in how the site looks and feels will turn its fortunes around.
10. QVC
Do you still buy from home shopping channels, or do you know anyone who does? If the answer is no, then you may well join us in wondering how QVC is still in business. In fact, a retail operating loss of over 2 billion dollars was reported for 2022. So how much longer the shopping channel can last is anyone’s guess…
9. WeWork
WeWork was founded to change the way people work. Co-founder Adam Neumann planned to establish co-working spaces targeted to young workers so they could collaborate. His initial plans were to expand and obtain residential and educational spaces. However, with the pandemic in 2019, WeWork closed many offices worldwide. Now, it’s struggling to make a good profit.
8. Tupperware
Did you know that Tupperware guarantees its products against faults – whether these arise from usual domestic use or an actual manufacturing issue. This covers damage such as cracks, splits, breakage, chipping, and warping. With proof of purchase, Tupperware Customer Service will replace these every time. No wonder they were in search of new investors – and raising eyebrows about their future prospects – during early 2023.
7. Casper
This mattress brand favored by celebrities failed to make a profit in 2021, too. The cost of materials and labor, coupled with supply chain problems, are cited as reasons why the company’s not (yet, at least) quite living up to the hype.
6. SoundCloud
In 2017, SoundCloud almost fell by the wayside when a $250 million sale fell through. The sacking of the CEO plus an investor bailout saved SoundCloud, but as yet, the music-sharing site still isn’t turning a profit.
5. Peloton
Specializing in exercise equipment, including bikes, as well as paid-for content, Peloton now boasts almost 3 million subscribers. High investment and operating costs are thought to be behind why Peloton isn’t a profitable fitness business, yet, though. Can their growth continue so they can turn these financial fortunes around?
4. Snap
Snap Inc. looked like an excellent, profitable company; however, things changed years later, and they reported that it wasn’t working out as expected. It is said that their revenue grew in 2022 but still announced a loss of $1.4 billion.
3. Zillow
Founded in 2005, Zillow is one of the big companies that isn’t as profitable as expected. They moved from their core business and started a new model based on buying houses directly from sellers and selling these to new buyers.
2. Lyft
Lyft is a huge household name and has recently hiked its prices. However, the ride, bike rental, and food delivery service didn’t turn a profit at all during its first decade. Furthermore, 2021 saw a loss of around a billion dollars for Lyft. If Lyft doesn’t turn things around soon, it might well disappear altogether.
1. Airbnb
Despite the name being seen everywhere and rental properties popping up like mushrooms across the globe, Airbnb posted a loss of over 350 million dollars in 2021. The global pandemic took its toll, of course. And since then, inflation and the war between Russia and Ukraine haven’t helped.
Likewise, there are also growing ranks of people who feel strongly about what Airbnb has done to local neighborhoods. With properties being snapped up by people thinking about their bank balance over the community, locals are being priced out of areas they live in and love. Will Airbnb stand the test of time? The jury’s out on this one.
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