Uber posts USD 1 bn loss in third quarter

Anca Alexe 15/11/2018 | 08:16

Uber Technologies Inc. lost USD 1.07 billion in the three months to September – a 20 percent increase from the previous quarter, but down 27 percent from September 2017, Reuters reports.

The company said it had a 6 percent growth in bookings for ride sharing and delivery services. This is the third quarter in a row when growth remained in single digits.

Uber is valued at USD 76 billion, but it is under pressure to turn a profit before a planned IPO that should take place some time next year. It wants to expand into freight hauling, food delivery and electric bikes and scooters to compensate for the decline of the ride-hailing business.

Its adjusted loss before interest, taxes, depreciation and amortization was $592 million, down from $614 million last quarter and $1.02 billion a year ago.

The sustained losses and economic conditions could push Uber to merge with rivals in India and the Middle East.

Revenue for the quarter was $2.95 billion, a 5 percent boost from the previous quarter and up 38 percent from a year ago. That trailed the second-quarter year-over-year revenue increase of 63 percent.

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