Uber makes losses despite surge in revenues, reports say

Uber lost $2.2bn (£1.77bn) in the first nine months of the year despite a surge in revenues, according to reports, adding to the taxi-hailing app's woes as it faces a setback in plans to launch self-driving cars. The San Francisco-based firm was valued at more than $65bn in a $12.5bn fundraising effort earlier this year but has remained secretive about its financial performance. People familiar with the matter said Uber had lost $800m in the third quarter and $2.2bn in the first nine months of the financial year, according to Bloomberg and technology site The Information (subscription). The losses came despite its nine-month revenues surging from $3.76bn to $5.5bn, the reports said. Passengers spent $5.4bn in the third quarter on Uber fees, which the company splits with its drivers, up from $5bn in the second quarter and $3.8bn in the first.