Uber Is Reportedly Bleeding Money, But They May Not Care | NBC Southern California
National & International News
The day’s top national and international news

Uber Is Reportedly Bleeding Money, But They May Not Care

The ride-hailing company is said to have lost a staggering $800 million in the third quarter of this year

    processing...

    NEWSLETTERS

    AP Photo/Eric Risberg, File
    In this Dec. 16, 2014, file photo a man leaves the headquarters of Uber in San Francisco. The ride-hailing app has reportedly been hemorrhaging money at a less than ideal rate as it seeks to grow its business and fend off aggressive competition from its chief competitor, Lyft.

    Uber appears to be taking its cues for world domination from a gym rat's mantra: No pain, no gain. 

    The ride-hailing app has reportedly been hemorrhaging money at a less than ideal rate as it seeks to grow its business and fend off aggressive competition from its chief competitor, Lyft.

    Man Sees Vera Wang Diamond Ring on Sidewalk, Finds Its Owner

    [NATL] Man Finds Vera Wang Diamond Engagement Ring on Sidewalk, Tracks Down Its Owner

    Imagine looking down and finding a pristine diamond ring lying on the sidewalk. That was how Glenn Weddell found a Vera Wang diamond ring one afternoon in Sacramento, California. But instead of keeping it, Weddell hunted down the distraught owner to return the ring in a happy reunion. His method involved posting a sign to a tree downtown and hoping for the best. 

    (Published Thursday, April 27, 2017)

    "Uber has been been growing dramatically and their ridership numbers have increased quite a bit this year," Mike Ramsey, a research director at Gartner who covers mobility, told NBC News. "As a result of that, to get new drivers, to maintain drivers and to expand into new markets, they are spending a lot more money."

    Uber, which is privately held and said to be worth as much as $69 billion, does not disclose its financial statements. But the company is said to have lost a staggering $800 million in the third quarter of this year, and $2.2 billion in the first nine months of the financial year, according to reports from The Information and Bloomberg, which both cited unnamed sources.