Uber Technologies Inc. continued to extend its loss in the third quarter even though the company exited China, according to a person familiar with the matter. The ride-hailing company lost $800 million in the third quarter, The Information reported. The result is before interest, taxes depreciation and amortization and not include its Chinese operation.
This will put Uber’s total loss to more than $2.2 billion in the first nine months of this year, on track to a $3 billion loss in 2016. The company said it lost at least $2 billion last year. But the rate of losses slowdown. The company losses increased 25 percent in the third quarter, down from a 35 percent increase in the second quarter.
The third-quarter financials didn’t include the operation in China, where Uber lost $1 billion a year to compete with local rivals. On August, Uber reached an agreement with Didi Chuxing to exit China in exchange for 17.5 percent of Didi.
However, Uber’s revenue is still growing at a fast pace. Net revenue was $1.7 billion in the third quarter despite its departure from China. The figures were $1.1 billion in the second quarter and $960 million in the first quarter.
Uber now has a valuation of $69 billion even though it continues to lose money.