Economy

Uber loss tops US$1 billion as it seeks to diversify

Uber loss tops US$1 billion as it seeks to diversify

Uber Technologies Inc. lost Dollars 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.

"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 where we continue to solidify our leadership position".

The third quarter, ending September 30, marked the third straight quarter that booking growth was in the single digits, according to the news service.

Uber has also expanded its services beyond auto rides to freight hauling, delivering food, and sharing scooters or bicycles. At the start of this year, however, bookings growth slid into the single digits.

The total volume of orders for Uber in July-September increased by 34%, to $12.7 billion In the second quarter, the growth was 41%. That trailed the second-quarter year-over-year revenue increase of 63 percent.

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Uber's latest financial report shows that losses in the Q3 have further expanded from that in Q2, which may not be good news for Uber, which is expected to be listed next year.

He has been a technology writer since more than five years. But Khosrowshahi has ploughed the savings back into its freight-hauling, food-delivery, and electric scooter and bikes businesses.

Japan's Softbank has taken a 15% stake in Uber in a deal which foresees an initial public offering by Uber next year.

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.

Uber has also pledged to double its investment over the next year in Freight, a brokerage service set up in May 2017 for truck drivers and fleet managers looking for cargo to haul. Last month Uber announced it would expand its food delivery business to cover 70% of the United States population.


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