Uber appears to be taking its cues for world domination from a gym rat's mantra: No pain, no gain.
The ride-hailing app has reportedly been hemorrhaging money at a less than ideal rate as it seeks to grow its business and fend off aggressive competition from its chief competitor, Lyft.
"Uber has been been growing dramatically and their ridership numbers have increased quite a bit this year," Mike Ramsey, a research director at Gartner who covers mobility, told NBC News. "As a result of that, to get new drivers, to maintain drivers and to expand into new markets, they are spending a lot more money."
Uber, which is privately held and said to be worth as much as $69 billion, does not disclose its financial statements. But the company is said to have lost a staggering $800 million in the third quarter of this year, and $2.2 billion in the first nine months of the financial year, according to reports from The Information and Bloomberg, which both cited unnamed sources.