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​Uber reportedly loses $800M, but revenue is up

The ride-hailing company is said to have blown through cash in the third quarter, but it apparently still managed to boost its sales to $1.7 billion.

Uber is spending big on new projects like its self-driving cars.
James Martin/CNET

Uber is spending money hand over fist.

The ride-hailing company lost $800 million in the third quarter of this year, according to The Information. However, Uber also grew its sales to $1.7 billion, up from $1.1 billion in the second quarter. Because Uber is a private company, it doesn't have an obligation to disclose its earnings. The Information cited unnamed sources familiar with Uber's finances.

Uber is the world's highest valued venture-backed company -- valued at $68 billion. It's premise is simple: As a ride-hailing service, it pairs drivers with passengers via a phone app. San Francisco-based Uber has become one of the biggest ride-hailing services on the planet, with more than 40 million monthly active riders and operations in more than 450 cities in more than 70 countries worldwide.

Spending tons of capital isn't surprising for a private company with investment dollars to burn. Uber has spent big on new projects like its food delivery service, UberEats, and its research and development of self-driving cars. Uber has also paid out hefty sums to outcompete its rival Lyft.

During this year's third quarter, Uber sold its China ride-hailing operations to Chinese service Didi Chuxing and took a 17.7 percent stake in Didi. Since the sale, Uber's losses have reportedly slowed dramatically.

This isn't the first time Uber has reportedly recorded a loss. In August, the company was said to be losing as much as $6.5 million per day, meaning it reportedly lost at least $1.27 billion in the first half of 2016.

Uber declined to comment for this story.

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