Uber losses mount up
- December 20, 2016
- Posted by: Simon Wait
- Category: Industry News
Uber losses for the third quarter of 2016 are in excess of $800m, according to reports, with some saying those figures take the company’s total losses for the year past the $2.2bn mark.
Despite those losses, Uber’s revenues have continued to grow even after pulling out of the Chinese market. It generated about $3.76bn in net revenue in the first nine months of 2016 and is on track to exceed $5.5bn this year.
Bloomberg reports that Uber’s bookings were $5.4bn in the third quarter, up from $5bn in the second quarter and $3.8bn in the first.
The company is said to have lost at least $2bn last year and is on track to pile up a loss of at least $3bn this year.