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Uber losses reaching close to US$1 billion

Uber losses reaching close to US$1 billion

Uber was big in China… including its financial losses. The company has since abandoned its operations in the country.  Now, even without China factored into the equation, from January to September of this year, the company has lost more than US$2.2 billion.

On August 1, Uber came to an agreement with Didi Chuxing to exit China in exchange for 17.5 percent of the Chinese company. The deal included Didi investing $1 billion in Uber. In Uber’s home market in the US, the company lost US$100 million in the second quarter and increased in the third quarter.

Uber generated US$3.76 billion in net revenue the first 3 quarters of 2016, but it is estimated that the bottom line will be a loss of more than US$2.2 billion, with US$800 million of that in the third quarter. By year end, it is expected that Uber will have netted US$5.5 billion.


The anonymous source indicated that the amount of money Uber generated after it paid its drivers was $1.7 billion in the third quarter, up from $1.1 billion in the second quarter and $960 million in the first. Uber’s bookings, which are a combined value of fares that riders pay, were $5.4 billion in the third quarter, up from $5 billion in the second quarter and $3.8 billion in the first, according to the anonymous source.

The company has tried to keep its financial information from public consumption, however, an anonymous source has revealed this data, which also shows that the San Francisco-based company is valued at a whopping US$69 billion. That’s more than Twitter and General Motors combined.

Uber has declined to comment.

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