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Uber still losing billions though revenues increase

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By Euronews
Uber still losing billions though revenues increase

The ride-hailing company Uber continues to hemorrhage money.

No official figures have been released by the privately held firm, but sources tell news organisations that between July and September it lost more than $800 million (772 million euros).

Uber is in a price war with rival Lyft in the US and has also been spending heavily on things like experimental self-driving cars

For the first nine months of this year it lost well over $2.2 billion (2.12 billion euros).

However net revenue – the amount of money from fares – continues to rise. It was reportedly $1.7 billion in the third quarter an increase from $1.1 billion between April and June.

The third quarter losses do not include Uber’s Chinese operation. It had to withdraw from the country in August selling out to rival Didi Chuxing but receiving a 5.89 percent stake in Didi and $1 billion in the deal.