Uber using profits from other cities to bankroll expansion in China: CEO

Boao, China

RIDE-hailing app company Uber Technologies Inc is generating more than US$1 billion in profit a year in its top 30 cities globally, and partly using that money to bankroll its expansion in China, chief executive Travis Kalanick said.

The company said in February that it was losing more than US$1 billion a year in China's red-hot ride-hailing market, where it is battling large local incumbents to win customers.