The ride-hailing company Uber is no longer profitable, and its losses are mounting.
The company said on Tuesday that it had lost $1 billion in the fourth quarter, and said it expected the full loss for the year to be around $6 billion.
Uber’s total valuation, according to data compiled by Bloomberg, is now $52 billion, up from around $47 billion a year ago.
The ride service is valued at $46 billion.
In a note to investors, Uber CEO Travis Kalanick said that while the company is still profitable, its valuation was down from the previous year and was “a little less than half of what it was last year.”
Uber is still a very valuable company, but it’s not the most valuable in the world, according a study by consulting firm Morningstar.
While the company has been losing money for a long time, the crash in 2014 brought the entire company to its knees.
It’s now on a $25 billion write-down, and the company plans to use $7 billion in proceeds from the sale of its core business to pay down debt.
Uber, which had about $100 billion in annual revenue, was once a leader in the sharing economy and has been steadily growing.
But now, with Uber’s loss, its shares are down about 30% since its IPO in 2014.
The financial crisis is making life difficult for Uber drivers, as well.
According to a report by the non-profit group Transportation Alternatives, Uber drivers are facing an even more severe financial crunch.
“With an operating loss of $6.4 billion, Uber lost almost one-fifth of its workforce, leaving it with a payroll that was just a third of what other large US companies were doing,” Transportation Alternities wrote.
“For drivers who are already struggling to make ends meet, the loss to Uber drivers is likely to further increase the pressure to make other ways of earning income, as Uber’s losses worsen.”
Uber lost $11.5 billion in 2016, according the company’s financial report.