Uber posts more than $ 800 million loss in third quarter

by bold-lichterman

  • In the first 9 months of the year, Uber recorded $ 3.7 billion in revenue, for $ 2.2 billion in losses.
  • Between the second and the third quarter, the VTC platform saw its net revenues increase by 55%.

The turnover ofUber is set to exceed $ 5.5 billion in 2016, according to information reported by Bloomberg. Over the first 9 months of 2016, the American VTC platform has already achieved nearly $ 3.76 billion in turnover, for a loss that exceeds $ 2.2 billion. In the third quarter alone, the company recorded a loss of more than $ 800 million. Over the full year, Uber is expected to make $ 3 billion in losses.

In terms of seasonality, nearly a third (31%) of the company’s revenue was generated in the third quarter this year. If it meets its forecast for the year, it will be the fourth quarter of the year that it will be the best performer, with $ 1.74 billion in net income.

If we consider the “reservations” (the amount of trips paid by users, which therefore includes the compensation of its partner drivers, editor’s note) recorded by the platform, the latter recorded increased results (3.8 billion ($ 5 billion in the first quarter, $ 5 billion in the second quarter, and $ 5.4 billion in the third quarter). Note, between the second and the third quarter, the company led by Travis Kalanick saw the amount of its collections increase by 8%. At the same time, its net income increased by 55%.

uber-bloomberg-2016

Data shown does not include Uber’s activities in China.

Since its launch in 2009, Uber has never achieved profitability. Despite being valued at $ 68 billion, the company has reportedly lost more than $ 4 billion since its inception, according to Bloomberg. Last October, the company announced that it had passed the 40 million monthly active user mark.

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Photo credit: Uber