Ride-sharing company Uber saw a massive surge in its revenue during the third quarter of the year. However, it also continued its loss-making spree as the company incurred more than $2.2 billion worth of losses during the first nine months of the year. In the third quarter alone, Uber's losses are believed to have reached over $800 million.
During the third quarter of this year, the company booked $5.4 billion worth of rides, up from $5 billion worth of rides it booked in the second quarter. The same parameter stood at $3.8 billion during the first quarter.
Uber's revenue for the nine months of the year stood at $5.5 billion, up from $3.76 billion. During the third quarter, the company earned $1.7 billion in revenue. For the second quarter, its revenue stood at $1.1 billion.
Bloomberg reported that the company might have incurred $580 million worth of losses in the first quarter, while its second quarter loss may have exceeded $800 million. Its second quarter losses in the US alone exceeded $100 million.
Apart from ride-sharing business, Uber is also focusing on self-driving cars. It had a stand-off with San Francisco authorities over plying autonomous cars on roads in the state. The authorities are demanding that Uber obtains a permit from state regulators before testing its autonomous cars in the city.
A spokesperson for San Francisco Mayor Ed Lee stated that "The mayor demands Uber to stop the unpermitted and unlawful testing of autonomous vehicles on the streets of San Francisco until they obtain the appropriate permitting from the DMV."
Uber is currently valued at over $65 billion. It raised $12.5 billion earlier this year. The company is facing regulatory issues as well as stiff competition around the world. Uber exited the Chinese markets earlier this year after it negotiated with local competitor Didi to inject $1 billion worth of funds into the latter.