Uber loss grows in 3Q; company says it's investing in future

Marco Green
November 17, 2018

Uber reported a $1.1 billion quarterly loss and a slowdown in revenue growth last night as it expands beyond taxis into food delivery, freight and electric scooters and bikes.

Uber reported a $1.07 billion loss in the quarter ended September 30, adjusted down on earnings before interest, taxes, depreciation and amortization to a loss of $527 million.

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

"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".

The company posted growth in bookings for its ride-hailing and delivery services rose 6 percent in the latest quarter, the third quarter in a row that growth has remained in the single digits after double-digit growth for all of a year ago.

Uber has also expanded its services beyond auto rides to freight hauling, delivering food, and sharing scooters or bicycles. The food delivery business generated $2.1 billion in gross bookings in the quarter and now represents 17 percent of Uber's $12.7 billion in gross bookings for the quarter, a jump of 150 percent from a year ago. However, this was slower than the 41 per cent in the second quarter of this year and the 55 per cent in the first. This is the third quarter in a row when growth remained in single digits.

The privately held Uber isn't required to publicly disclose financial results, but it began releasing selected numbers a year ago.

In the last quarter of service food delivery Uber Eats has taken orders for a total of $2.1 billion, demonstrating a growth of more than two times in annual terms. Under the chief executive Dara Khosrowshahi, who took over from Kalanick, Uber has also retreated from some markets where it has suffered losses.

Other reports by Click Lancashire

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