Uber loses $800 million in three months but China sale nets $2.2 billion profit

The global financial pages are buckling under the weight of Uber’s $800 million loss for the July-Sept quarter.

The Information broke the story, most of which appears behind its paywall.

Uber’s alleged loss of $800 million came from net revenues in the quarter of $1.7 billion. Revenues are up by 240% compared with the same quarter last year and up 190% compared with the
April-June period just gone.

The increase in losses is actually slowing down – the previous quarter’s losses were up 34% on the same quarter in 2015, while the July-Sept loss is only 25% up on the same period past year.

During the quarter, it sold its Uber China operations to rival Didi, which generated a $2.2 billion one-off net profit for the quarter.

The Financial Times says “the latest numbers point…to an underlying improvement since Uber threw in the towel in its expensive battle for market share…in China.”

Eslewhere, Reuters says that Uber is on track to bring in $5.6 billion in net revenues this year, while CNBC tips Uber’s full year EBITDA loss to be at least $2.8 billion

The Wall Street Journal says that Uber is valued at $68 billion.

Related reading from Tnooz:
Uber sells China business to Didi (Aug16)
Apple pumps $1 billion into China’s Didi (May16)

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