According to anonymous sources familiar with the company’s finances, Uber has reportedly posted losses of over $800 million for the third quarter of 2016.
The staggering amount is actually less than expected, as The Information reports that the ridesharing company’s quarter three losses rose only 25 percent versus last year’s figures, while its quarter two 2016 losses were 35 percent higher than the same quarter last year.
Following a loss of $1.27 billion incurred in the first half of 2016, the company is expected to lose a total of $2.8 billion as the year closes. Note that these figures are rough estimates that do not include interest, taxes, or stock-based compensation. The San Francisco-based company has not disclosed details of its financial performance, despite its valuation reaching $69 billion.
The slowdown in Uber’s losses compared to last quarter may be partially explained by the company’s decision to leave China after a long, drawn-out battle with its local competitor, Didi Chuxing. Uber was reportedly losing $1 billion annually in an effort to overtake its Chinese rival, but in August, the battle ended with Uber China selling for $35 billion to Didi Chuxing. The company is now free to focus on other international markets and hopefully turn those net losses into gains soon.