5
Privately held ride-hailing company Uber Technologies Inc lost more than $800 million in the third quarter, Bloomberg reported on Monday.
The company's $800 million in losses did not include its operations in China, Bloomberg said, citing a person it said was familiar with the matter.
In the previous quarter the company's loss significantly exceeded $800 million, including its Chinese operations, Bloomberg said.
Uber generated about $1.7 billion in net revenue in the third quarter, up from $1.1 billion in the previous quarter, according to Bloomberg.
The company is on track to surpass $5.5 billion in net revenue in fiscal 2016, Bloomberg said.
Uber did not immediately reply to a request for comment.
Read more
On DawnNews
Comments (5) Closed
Dec 20, 2016 01:45pm
Ask yourself a question do you like Uber? When you answer this question you will know why Uber is loasing cash.
Recommend
0
Dec 20, 2016 02:09pm
@Usama my answer would be yes i like Uber. Now that doesn't help me figure out why Uber is losing cash. If we knew Uber's target breakeven revenues, we'd be able to tell why the company is "losing" cash.
Recommend
0
Dec 20, 2016 05:21pm
Uber has destroyed many ordinary Taxi drivers. Now it is his turn.
Recommend
0
Dec 20, 2016 06:04pm
Its not loosing money, they have loses but new revenue is way higher.
Recommend
0
Dec 21, 2016 01:15am
Uber will win in the end. The strategy of these companies is Last man standing. Losses now will be covered by gigantic profits in say 5-6 years (provided they survive).
Last man standing/ Winner takes all.
Recommend
0
