The private app and taxi firm that everyone's talking about all of the time appears to be struggling to turn internet think pieces and free ice cream into cash, with leaked financial documents showing that Uber managed to lose a staggering $106m (£68m) in the second quarter of 2014.
The numbers obtained by Gawker show that the firm's paper valuation of around $50bn -- worked out through tracking the percentages put in by various venture funds -- is based on a business that routinely burns between £50m and $100m per quarter on ferrying people about towns, although these blanket overall figures don't include critical local data that could show whether established markets are running at a profit.
Luckily for Uber, though, it's done such a good global marketing job that venture capitalists are still happily throwing money at it, leading its cash balance to actually increase between 2012 and 2014 despite the repeat quarterly losses it's banking. So all's well as long as that lasts.
Sarcastic as ever, Uber commented on the losses to various tech sites, saying: "Shock, horror, Uber makes a loss. This is hardly news and old news at that. It’s the case of business 101: you raise money, you invest money, you grow (hopefully), you make a profit and that generates a return for investors."
So it's not spearheading dotcom collapse 2.0 by fuelling massively inflated paper valuations with free internet money that it burns through in a mere middleman capacity without generating any actual assets (hopefully). Great news. [Gawker]