Meaning of the word "be in the red" in English

What does "be in the red" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

be in the red

US /bi ɪn ðə red/
UK /bi ɪn ðə red/
"be in the red" picture

Idiom

to owe money to a bank or to be losing more money than you are earning

Example:
The company has been in the red for three consecutive years.
I'll be in the red if I buy that expensive car.