Uber posts Dollars 1 bn loss in third quarter

  • Uber posts Dollars 1 bn loss in third quarter

Uber posts Dollars 1 bn loss in third quarter

Uber's net loss widened by $177 million in the third quarter as the ride-hailing giant continued to invest ahead of a planned initial public stock offering next year.

Figures released by Uber showed the San Francisco-based company lost $1.1 billion on revenue that grew to $3 billion, while overall bookings notched up to $12.7 billion, said the report.

On an earnings before interest, taxes, depreciation and amortization basis (EBIDTA), Uber's losses were $527 million, up about 21 percent quarter over quarter.

"As we look forward to an IPO and past, we are putting resources into future development over our stage, incorporating into nourishment, cargo, electric bicycles and bikes, and high-potential markets in India and the Middle East where we keep on cementing our initiative position".

Khosrowshahi has focused on growing Uber Eats, which took in $2.1 billion in booking revenue, marking a 150 percent jump over previous year and about 17 percent of total bookings. That's an increase of 150% from the same quarter a year ago, Uber said. Revenue for the quarter was $2.95 billion, a 5 percent boost from the previous quarter and up 38 percent from a year ago.

Uber past year made a decision to share selected financial figures publicly.

Japan's Softbank has taken a 15% stake in Uber in an arrangement which anticipates a first sale of stock by Uber one year from now.

He has been a technology writer since more than five years.

Uber is rapidly expanding its food delivery business and is investing in new mobility offerings, such as bikes and e-scooters.

Uber is considering moving its public debut up from the second half of 2019 to the first half, given concerns about a market downturn and an expected IPO from its chief U.S. rival Lyft, according to Reuters sources. Last month Uber announced it would expand its food delivery business to cover 70% of the United States population.