Bloomberg has reported that taxi service Uber Technologies Inc. has lost over $2.2 billion this year, with over $800 billion of that loss coming in the third quarter.
The Q3 loss did not including the conclusion of its Chinese operations, even though the San Francisco-based firm has seen its value increase to $69 billion. Uber’s loss in the first quarter of this year was about $580 million.
However, the company’s revenue has continued to grow even after leaving China. 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.
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 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.
In August, Uber came to an agreement with Didi Chuxing to exit China in exchange for 17.5 percent of the Chinese business. As part of the deal, Didi invested $1 billion in Uber.
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.
