Bleeding Decacorn: Uber Still Hemorrhaging Insane Amounts of Money

Uber is on track is generate more than $5 billion in revenue this year, according to sources cited in a new report from Bloomberg. But that’s not enough, it seems.

The transportation company has lost well over $2 billion so far this year, sources say, and that excludes the financial disaster that was its launch in China. Despite this, Uber’s valuation is nearly $70 billion, more than many longstanding automakers and older Silicon Valley darlings.

It’s entirely possible, the report suggests, that Uber’s losses for the year could reach or even exceed $3 billion. In Uber’s home market is not profitable, having lost money in the nine-figures range for two straight quarters.

Earlier this month the company took heat for launching self-driving cars in San Francisco without a permit and almost immediately endangering civilians when one of said cars ran a red light.

After Failing to Secure Permit, Self-Driving Uber Runs Red Light, Ending Service Within 24 Hours of Launch