Uber’s crisis deepens with record quarterly loss
Uber has logged another quarter of record-breaking losses, losing $1.5 billion in the third quarter of 2017. For comparison, Uber lost $2.8 billion in all of 2016 and lost $1.1 billion in the second quarter of 2017.
The worsening financial picture is not a surprise. Founder and ex-CEO Travis Kalanick resigned in June, leaving the company leaderless for much of the third quarter. Uber's legal battle with Waymo has not been going well for Uber, and Uber is facing up to three federal investigations into the company's practices.
Uber's money-losing business continues to grow, with gross bookings rising from $8.7 billion in the second quarter to $9.7 billion in the third quarter.