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Uber lost $800 million in the third quarter www.businessinsider.com
Uber has notched yet another quarter of staggering losses.
That's according to a new story out from The Information's Amir Efrati, who reports that the ride-hailing company lost more than $800 million in the third quarter of this year. Those losses, which follow a reported $1.27 billion in the first half of the year, put Uber on track to lose $2.8 billion in 2016, according to The Information's calculation.
While the millions in losses look bad on the surface for Uber — which was most recently valued at $68 billion — those losses are growing more slowly than they used to.
The Information reports that in Q3, Uber's losses increased only 25% from a year ago. That's a slowdown from 35% in the second quarter vs. a year ago.
The slower-growing losses are likely the result of it selling Uber China to Didi Chuxing for $35 billion in August. Uber was waging an expensive and protracted battle in China, losing $1 billion a year trying to beat its local rival.
The Information dives deeper into Uber's finances and how it's faring against competitors in both the US and abroad, so head over to their website for more.
Published Date:2016-12-20
