Uber Quarterly Loss Said to Exceed $800 Million

Uber Quarterly Loss Said to Exceed $800 Million

Even as Uber exited China, the company's financial loss has remained eye-popping, according to Bloomberg. In the first nine months of this year, the ride-hailing company lost significantly more than $2.2 billion, according to a person familiar with the matter. In the third quarter, Uber lost more than $800 million, not including its Chinese operation.

At the same time, the company's revenue has continued to grow even after leaving the world's most populous country. Uber generated about $3.76 billion in net revenue in the first nine months of 2016 and is on track to exceed $5.5 billion this year, said the person, who asked not to be identified because the information is private.

Uber has stayed mum about its financial performance even as its valuation has soared to $69 billion, making it more valuable on paper than General Motors and Twitter combined. Uber's bookings, the total combined value of the fares that riders pay, were $5.4 billion in the third quarter, an increase from $5 billion in the second quarter and $3.8 billion in the first, according to the person.

The slowdown in Uber's bookings growth can at least partially be explained by the company's decision to leave China. Net revenue, the amount of money Uber generates after it pays its drivers, was $1.7 billion in the third quarter, growing from $1.1 billion in the second quarter and $960 million in the first, according to the person. The company is said to have lost at least $2 billion last year and is on track to pile up a loss of at least $3 billion this year. Those are rough figures that may underestimate how much money Uber is losing and don't include interest, taxes or stock-based compensation.