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Uber reported third-quarter earnings Monday that beat Wall Street expectations for revenue but also showed a $1.1 billion loss.
How much is a $1.1B loss? To put it into perspective, it means Uber lost $12.5 million every day, or $509,260 per hour — every hour of every day– during the last quarter.
In addition, Uber’s post-initial public offering lockup expires on Wednesday, which could send shares down further, according to Wedbush analyst Daniel Ives.
Shares of the ride-sharing company fell as much as 7.4% in early trading Tuesday after it reported it lost $1.1 billion in its third-quarter earnings release Monday.
The net loss overshadowed Uber’s reported $3.8 billion revenue, which beat Wall Street’s estimates, showing that investors are looking at the bottom line more than the top.
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