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Uber is reportedly losing boatloads of money
Chris Ratcliffe/Bloomberg via Getty Images
Travis Kalanick, chief executive officer of Uber Technologies Inc., speaks during the Institute of Directors (IOD) annual convention at the Royal Albert Hall in London, U.K., on Friday, Oct. 3, 2014.
Uber is reportedly operating at a loss of close to half a billion dollars, according to a bond prospectus viewed by Bloomberg.
The Bloomberg report showed $470 million in operating losses with $415 million in revenue, but the report said it was not clear whether the numbers were the results of one quarter, a full year, or some other time period. Nor does it say when the financial numbers are from.
An Uber spokesperson told Bloomberg that the financial results cited were “substantially old numbers that do not reflect business activities today.”
We’ve reached out to Uber for comment.
Last week, the Wall Street Journal reported that the ride-hailing app was raising new funding from Chinese investment management firm Hillhouse Capital Group. It was rumored the amount could be as high as $1 billion, though another source told WSJ the final investment is likely to be “hundreds of millions of dollars.”
The investment with Hillhouse could be a sign Uber is thinking of an IPO soon.
The Chinese investment firm was rumored to be purchasing bonds that will later convert into shares at a discount to Uber’s IPO price. The Wall Street Journal pointed out that the deal with Hillhouse incentivised Uber to IPO soon because the bonds rise in value the longer Uber waits to go public.
Developing…
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