Last month it was reported that Uber is experiencing huge losses in China ( approximately $ 1bn per year ) , however on Monday CEO Travis Kalanick confirmed that the company is able to use its profits from other markets to prop up Chinese losses and make them sustainable . Kalanick stated : “ If you took our top 30 cities first , today they ’re generating over $ 1 billion in profit a year , just our top 30 cities . And that profit multiplies every year because we ’re growing … So that helps us to sustainably invest in our Chinese efforts … Because of the profits we have globally , this is something we can do for the long run … ” And that profit multiplies every year because we’re growing,” he said on the sidelines of the Boao Forum in the Chinese island province of Hainan. However , it should also be noted that Kalanick remains optimistic regarding his Chinese position , also stating last week that he believes Uber ’s Chinese operation will see profits in just two years .
Last month it was reported that Uber is experiencing huge losses in China ( approximately $ 1bn per year ) , however on Monday CEO Travis Kalanick confirmed that the company is able to use its profits from other markets to prop up Chinese losses and make them sustainable . Kalanick stated : “ If you took our top 30 cities first , today they ’re generating over $ 1 billion in profit a year , just our top 30 cities . And that profit multiplies every year because we ’re growing … So that helps us to sustainably invest in our Chinese efforts … Because of the profits we have globally , this is something we can do for the long run … ” However , it should also be noted that Kalanick remains optimistic regarding his Chinese position , also stating last week that he believes Uber ’s Chinese operation will see profits in just two years .