Uber Hemorrhaging Money in 2016

Eric Newcomer reports on the "eye-popping" losses for Uber.

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.

A small silver lining for the company, according to an anonymous source reported in the story, is that the company has continued to grow its revenue—$3.76 billion in net revenue in the first nine months of the year, toward an expected $5.5 billion for the year.

According to Newcomer, 2016 was marked by the company's decision to leave China. The most recent bad news cycle came as the company rolled out self-driving cars to the streets of San Francisco without any regulatory clearance. On the first day of operations, one of Uber's self-driving cars failed to stop at a red light.