The future of transportation network companies is far from settled. While influential in the popular consciousness, companies like Uber haven't figured out how to make money.
Eric Newcomer reports on the "eye-popping" losses for Uber.
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.
A small silver lining for the company, according to an anonymous source reported in the story, is that the company has continued to grow its revenue—$3.76 billion in net revenue in the first nine months of the year, toward an expected $5.5 billion for the year.
According to Newcomer, 2016 was marked by the company's decision to leave China. The most recent bad news cycle came as the company rolled out self-driving cars to the streets of San Francisco without any regulatory clearance. On the first day of operations, one of Uber's self-driving cars failed to stop at a red light.
Read the full story: Photographer: ChinaFotoPress via Getty Images Uber's Loss Exceeds $800 Million in Third Quarter on $1.7 Billion in Net Revenue
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