For better or worse, Uber is known globally as a force to be reckoned with, but is it actually profitable?
It turns out that the company behind the ride-sharing app might be struggling to keep its coffers topped up.
That’s according to leaked financial documents published online by Gawker, which appear to show that Uber is operating at a significant loss.
The documents suggest that the firm’s balance sheets are negative by several million dollars each quarter.
For instance, in the second quarter of 2014, the documents show a $100m operating loss.
Image credit: Gawker
Uber responded to the leak in a statement given to Business Insider:
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The company has never officially revealed its profits and losses to the public, so this is our first glimpse at the inner workings of the firm.
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Uber recently closed a funding round that saw the company valued at just over $50 billion.
The round, of which Microsoft was one of the backers, racked up an impressive $1 billion for the firm.
The company has revealed plans for expansion, pledging to grow in India and China with $1 billion investments respectively.
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Editorial independence
Editorial independence means being able to give an unbiased verdict about a product or company, with the avoidance of conflicts of interest. To ensure this is possible, every member of the editorial staff follows a clear code of conduct.
Professional conduct
We also expect our journalists to follow clear ethical standards in their work. Our staff members must strive for honesty and accuracy in everything they do. We follow the IPSO Editors’ code of practice to underpin these standards.
