Pixel Envy

Written by Nick Heer.

Uber’s Losses May Hit $3 Billion by Year’s End

Eric Newcomer, Bloomberg:

Even as Uber Technologies Inc. exited China, the company’s financial loss has remained eye-popping. In the first nine months of this year, the ride-hailing company lost significantly more than $2.2 billion, according to a person familiar with the matter. In the third quarter, Uber lost more than $800 million, not including its Chinese operation.

[…]

Uber, a closely held company based in San Francisco, has stayed mum about its financial performance even as its valuation has soared to $69 billion, making it more valuable on paper than General Motors Co. and Twitter Inc. combined.

For what it’s worth, Pixel Envy has a more modest revenue stream and valuation, but it’s on track to earn approximately $3 billion more than Uber this year.