Uber is losing more money than it’s producing -- and the gap is widening over time, according to financial documents seen by The Information.
The transportation network company is seeing strong revenue growth, according to the presentation Uber intended to show investors last year.
Between the first and second quarter of 2015, its gross bookings skyrocketed from $1.5 billion to $2.13 billion, according to the documents.
Such increases would be consistent with previous reports about the private company's financials. Those half-year 2015 numbers would also represent a jump from the $2.93 billion in gross bookings is said to have netted in full-year 2014.
But its dynamic expansion comes at a cost to its profitability. Uber lost $987.2 million in the first half of 2015, a jump in losses of about a third over the previous year.
Its net revenue (after payments to drivers, etc.) in the first half of last year was $663.2 million, according to the documents. Operating, administration, marketing, and research costs were escalating, too.
Yet the company likely has a few billions in reserve, thanks to all of its fund-raising.
Read the documents at The Information, which has summarized them this way:
"Uber is losing money to gain market share in emerging markets that have fierce incumbents, but overall, it’s increasing the percentage of money it keeps from rider payments."
Last week: Lyft drives away with $500M from General Motors, plus $500M from others
NB: Photo via automobileitalia/Flickr/Creative Commons