Uber loss tops $1b as it seeks to diversify

Uber sign in office

Uber has posted a loss of more than $1bn (£780m) in its latest quarter as growth in bookings continued to slow in the run-up to its stock market flotation next year. It lost $1.07bn in the three months to September, a 20% increase from $891m in the previous quarter.

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.

"As we look ahead to an IPO and beyond, we are investing in future growth across our platform, including food, freight, electric bikes and scooters", he said in a statement.

Those gains, however, reflected a slowdown when compared the third quarter of previous year, when Uber's revenue was up 38 percent and gross bookings rose 34 percent.

Faced with this slowdown in its decade-old ride-hailing business, Uber is accelerating its expansion into food delivery, called Uber Eats, along with freight hauling and electric bikes and scooters.


Incomes ascended by 5% on the past quarter to $2.95bn, while net appointments were up 6% at $12.7bn. This is the third quarter in a row when growth remained in single digits.

Uber, which is expected to go public sometime next year, just released its Q3 2018 financial results.

While Uber is a private company, it has taken to sharing quarterly earnings figures as it prepares for a much-anticipated debut on the stock market next year.

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

An investment by SoftBank that closed in January, which gave the Japanese investor a 15 percent stake in Uber, included a provision that requires Uber to file for an IPO by September 30 of next year, or the company risks allowing restrictions on shareholder stock transfers to expire. For the first time, Uber provided specific numbers for its UberEats business. It is also unclear how Uber will fare in a shakeout of the crowded global food-delivery industry, and whether its freight business will be widely adopted by fleet managers.

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