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Uber Sets £4.3 Billion on Fire In Biggest Loss Ever

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Geekz Snow
Uber Sets £4.3 Billion on Fire In Biggest Loss Ever

If it isn’t our beleaguered rideshare giant Uber reporting yet another quarter of continued losses after its disastrous IPO earlier this year.

In its earnings report released Thursday, the company said it burned through more than £4 billion – its largest losses to date.

Uber is spending money at an absolutely incomprehensible rate.

But its net losses this quarter far exceeded even generous estimations for a company that has charitably dubbed 2019 an “investment year.” Uber’s reported revenue came in at $3.17 billion (£2.6bn), with adjusted losses of $5.24 billion (£4.3bn).

Still, Uber seems to be taking a glass-half-full approach to this whole losing money in perpetuity thing.

“Our platform strategy continues to deliver strong results, with Trips up 35% and Gross Bookings up 37% in constant currency, compared to the second quarter of last year,” Uber CEO Dara Khosrowshahi said in a statement.

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Geekz Snow
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