Tech

Uber Lost A Whopping $1.46 Billion Last Quarter

Uber recorded another huge loss in its latest quarter, showing the massive company spends enormous amounts of capital.

The ride-sharing conglomerate lost $1.46 billion in the third quarter, according to Bloomberg. That is up from the previous quarter loss of $1.06 billion.

Net revenue, though, grew to $2.01 billion from $1.66 billion, a 21 percent increase. Still, the considerable surge in losses is telling since Uber had been decreasing its losses in prior quarters.

It’s not completely discernible what caused the substantial uptick, but it could be due to growing competitors like ride-sharing little brother Lyft, as well as the startup-turned-massive powerhouse Didi Chuxing in China.

Uber’s figures were presented to shareholders to allow them to conduct analysis and decide if selling shares is a good idea. SoftBank, a highly prominent Japanese investment firm, is reportedly looking to purchase a large amount of shares from current shareholders, some of which have already expressed interest in unloading.

Shareholders who own at least 10,000 of them have an opportunity to trade in portions or all of their stake in the company. (RELATED: Uber Sued At Least 435 Times In 2017, Says Report)

The company didn’t have an official CEO for much of the last quarter, however, the company recently hired former Expedia CEO Dara Khosrowshahi to take the helm. It still has not filled a vacant slot for CFO.

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