Uber Is Spending Cash Like Crazy As it Takes Over the World
Uber is burning through lots of money as it expands to more cities around the word. , The ride-hailing service's international business lost 237 million in 2014, Reuters reports, citing a regulatory filing made with the Dutch Chamber of Commerce in February. That's a big increase over the 32 million Uber bled across the world in 2013. , Uber grew its footprint from fewer than 100 cities at the start of 2014 to more than 400 today. That growth has been especially challenging abroad. In Europe the company faces ongoing protests in France and was forced to retreat from three German cities last year. In China, the company trails the domestic competitor Didi Kuaidi and is losing a billion dollars a year trying to compete, according to Uber CEO Travis Kalanick. It's unclear how Uber's U.S. business is performing, but financial documents leaked last year show that the company lost more than 100 million during the second quarter of 2014.