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Uber's Q3 Losses Exceed $800 Million

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Uber's Q3 Losses Exceed $800 Million

Uber, the popular car ride sharing platform, lost $1.2 billion in the first half of 2016. The company's woes mostly stem from its international operations; it has lost billions of dollars in China alone since it tried to crack the market.

Uber did strike a deal to sell its Chinese unit to Didi Chuxing earlier this year, but this move didn't stop the bleeding. According to a Bloomberg report, Uber's losses for the first nine months of 2016 stands at more than $2.2 billion as the company lost $800 million in the third quarter.

Bloomberg, citing "a person familiar with the matter," stated that for the first nine months of the year Uber generated $3.76 billion in net revenue and is on track to exceed $5.5 billion for the full year. The amount of money Uber generates after paying its drivers rose to $1.7 billion in the third quarter from $1.1 billion in the second quarter and $960 million in the first.

Bookings for the quarter cooled down in the quarter to $5.4 billion from $5 billion in the second quarter and $3.8 billion in the first, although the slowdown could be attributed to the company leaving the Chinese market.

Uber appears to be on track to lose more than $3 billion this year after losing at least $2 billion last year. Perhaps more alarming is the fact that Uber lost $100 million in the second quarter and the losses in its key home market increased in the third quarter.

Posted-In: Bloomberg Didi Chuxing Uber Uber ChinaNews Rumors Tech Media Best of Benzinga

 

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