Mikey Tom December 20, 2016
While Uber is constantly making headlines—whether for giant funding rounds from eyebrow-raising sources, its lack of enthusiasm about a possible IPO or entanglements with government regulators—not a lot of official information is known regarding the company's financial health. Uber has been tight-lipped on the topic, seemingly focused on raising billions in funding instead of disclosing its (likely less-than-ideal) unit economics.
Despite the company's best efforts, though, a steady trickle of financial info always seems to leak out. This week, we're treated to the latest taste of how the $68 billion behemoth is doing.
Uber is still losing millions of dollars each quarter, but the pace of those losses has slowed thanks in no small part to the company's decision to forfeit its battle with Didi Chuxing over the Chinese ridesharing market—all that per a report from The Information. Uber is said to have lost more than $800 million in 3Q before interest and taxes, representing a 25% YoY increase in the rate of the company's losses. That's obviously not ideal, but it represents a real improvement from the 34% YoY acceleration of losses Uber logged during 2Q, again via The Information.
All that, though, hasn't put a damper on Uber's revenue. The company reportedly pulled in $1.7 billion in net revenue for 3Q, a 240% YoY increase. Uber experienced 190% YoY net revenue growth in 2Q.