While Uber has spent much of 2017 entangled in legal battles or managing negative publicity surrounding its allegedly sexist and overall toxic company culture, the company’s ride-hailing business continues to grow, albeit at a loss.
According to financials reported by Bloomberg, Uber’s gross bookings, i.e. total fares charged to Uber users before drivers get their cut, grew by 80 percent to nearly $10 billion in the third quarter of 2017. As our chart illustrates, Uber’s cut is much lower than that though, with actual net revenue amounting to roughly a fifth of gross bookings or $2.01 billion.
What may be worrying to Uber’s shareholders is the rate at which the company loses money. Between July and September, the market leader in the ride-hailing sector lost a whopping $1.46 billion.