 "Guess what? Uber is losing more money than it is making")
A convertible bond offering seen by Bloomberg reveals Uber is losing more money than it is generating.
According to Bloomberg, Uber had revenues of $415 million and an operating loss of $470 million for an undisclosed time period. It also says that the document “touts 300 percent year-over-year growth.”
An Uber spokesperson told Bloomberg that the numbers are “substantially old,” which suggests they may have been from 2014.
In other words, Uber’s massive expansion in over 300 cities globally is at the cost of heavy losses. Investors have given a lot of money to Uber, which is now valued at $50 billion, and Uber is burning this cash to buy market share all over the world.
Earlier this week, the Wall Street Journal r eported that a big Chinese investor maybe coming on board as Uber revs up for an initial public offering."
Chinese fund manager Hillhouse Capital Group is leading an investment in Uber that entails purchasing bonds that convert into shares at a discount to the ride-hailing company’s IPO price, people familiar with the situation told Wall Street Journal.
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