Uber losing $1B a year in China

As competition heats up with rival Didi Kuaidi, ride-hailing service Uber is bleeding $1 billion a year in China.

"We're profitable in the USA, but we're losing over $1 billion a year in China," Uber CEO Travis Kalanick told Canadian tech news site Betakit.

A spokeswoman told CNNMoney strong profits in other countries are fueling expansion efforts abroad.

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