Uber called it quits in China earlier this month, selling its operations there to local rival Didi Chuxing rather than continue heavy spending to sustain a price war. “Uber and Didi Chuxing are investing billions of dollars in China and both companies have yet to turn a profit there,”lamanted Uber CEO Travis Kalanick at the time.
Now, a report from Bloomberg sheds light on the financial reality that led to Kalanick’s unexpecteddecision. The San Francisco-based Uber lost more than $750 million in the second quarter of 2016, according to the report, building on losses of about $520 million in the previous quarter.
