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Even though Uber Technologies left China, the ride-hailing company’s loss has remained very big. During the first three quarters of 2016, the company lost over $2.2 billion, according to one person who is familiar with the situation.
During the third quarter, the company lost over $800 million, not including its operation in China.
The revenue at the company during that same period continued growing even after exiting the most populous country in the world. Uber generated more than $3.75 billion of revenue during the first three quarters of 2016 and should exceed revenue of $5.5 billion in 2016.
Uber, still a closely held business, is based in San Francisco. It has not released any information related to its financial performance even while its market valuation has surged to more than $69 billion, which makes it more valuable on paper than Twitter and even General Motors.
Bookings at Uber, the total value of fares that are paid by riders, reached $5.4 billion during the just ended third quarter, which represented an increase from the second quarter’s $5 billion and the $3.8 billion for the first quarter.
The slowdown in bookings growth at Uber can in part be explained by the decision the company took to exit China.
The company said on August 1 it reached an agreement with China-based Didi Chuxing to leave China in exchange for a stake of 17.5% in the Chinese ride-hailing service.
Part of that agreement, included an investment by Didi of $1 billion in Uber. The third quarter Uber financials do not include China’s business, which were in the results from previous quarters.
Net revenue, which is the amount Uber generates following its payments to drivers, reached $1.7 billion during the third quarter, which was a growth over its second quarter net revenue of $1.1 billion and its first quarter of $960 million.
Financials from Uber have leaked little by little over the past year. The number for the third quarter were posted earlier by on online site but a spokesperson for Uber has always declined to make a comment related to the leaked financials.
Uber is expected to have lost a minimum of $2 billion in 2015 and is headed to losing as much as $3 billion in 2016. The rough figures could be an underestimate of the true amount of money the company lost and do not include things such as interest, taxes or compensation that is stock based.