Uber Is Losing Billions of Dollars, Report Says

Uber may have a sky-high valuation, but it's bleeding money.
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Uber may have a sky high valuation, but it's bleeding money. According to Bloomberg, the ride-sharing app lost more than $2.2 billion over the first nine months of 2016 on sales of $3.76 billion. For the third quarter alone, the loss totaled over $800 million. The headwinds come amid competition from other ride-sharing apps in the U.S. and the company's recent departure from the China market. Uber reportedly has a $69 billion valuation. TheStreet's Scott Gamm reports from Wall Street.