Uber loss tops $1 bn as it seeks to diversify

phys.org | 11/15/2018 | Staff
Nighty (Posted by) Level 3
Click For Photo: https://3c1703fe8d.site.internapcdn.net/newman/gfx/news/2018/whileaprivat.jpg

Ride-share company Uber on Wednesday said that its net loss topped a billion dollars in the recently ended quarter as it pumped money into bikes, scooters, freight and food delivery.

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

Figures - Uber - San - Company - Revenue

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.

"We had another strong quarter for a business of our size and global scope," Uber chief financial officer Nelson Chai said in a statement shared along with the earnings figures.

IPO - Growth - Platform - Food - Freight

"As we look ahead to an IPO and beyond, we are investing in future growth across our platform, including in food, freight, electric bikes and scooters, and high-potential markets in India and the Middle East."

In the previous quarter, the smartphone-summoned ride service reported it lost $891 million on net revenue of $2.8 billion, with overall bookings of $12 billion.

Uber - Valuation - Share - Offering - Biggest-ever

Uber is eyeing a valuation above $100 billion for its share offering due in 2019, which would be the biggest-ever in the tech sector, sources familiar with the plan said last month.

The sources told AFP the global ridesharing...
(Excerpt) Read more at: phys.org
Wake Up To Breaking News!
When will they ever learn?
Tagged:
Sign In or Register to comment.

Welcome to Long Room!

Where The World Finds Its News!