Uber losses top $1bn in run-up to IPO

Uber chief executive Dara Khosrowshahi

Uber posted a loss of $1.07bn (£821m) in the three months to September, as the ride-sharing firm prepares for a public stock offering next year.

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.

Reuters reports that Uber's adjusted loss before interest, taxes, depreciation, and amortization was $592 million, but said that number is still down from last quarter and a year ago. He emphasised the "high-potential markets in India and the Middle East where we continue to solidify our leadership position".

Revenue for Q3 was up five percent quarter over quarter at $2.95 billion and up 38 percent year over year.

The company, based in San Francisco and valued at $76bn (£58.5bn), is seeking to expand in the haulage, food delivery and electric bikes markets as growth slows in its ride-hailing app, which is now a decade old.

The US company's net losses widened sharply on a quarterly basis as revenues rose only slightly. That's an increase of 150% from the same quarter a year ago, Uber said.

Celebs share tributes to the late Kim Porter
Police sources told TMZ that Kim had been feeling unwell over the past few days, allegedly battling either pneumonia or the flu. Our thoughts are with Diddy and the rest of Kim's family and loved ones during this incredibly hard time.

Arjun Kapoor's protective nature towards rumoured girlfriend Malaika Arora is adorable
Just recently we even saw Arjun and Malaika on a double date with another B-town couple Varun Dhawan and Natasha Dalal. What's more fascinating is that they are no longer making efforts to hide their relationship from public glares.

David Hockney overtakes Jeff Koons as most expensive living artist at auction
The painting depicts two men _ one swimming the breaststroke underwater, the other standing by the pool looking down. Hockney began work on the painting when he was inspired by the random placement of two photos on his studio floor.

The company reported gross bookings of $12.7 billion, up 6 percent from the previous quarter and up 41 percent from a year ago.

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

Japan's Softbank has taken a 15% stake in Uber in an arrangement which anticipates a first sale of stock by Uber one year from now.

Uber is rapidly expanding its food delivery business and is investing in new mobility offerings, such as bikes and e-scooters.

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 its intention to expand Eats to cover 70 percent of the USA population by the end of this year.

Related News:



Most liked

Kim Kardashian Jokingly Threatens to Cut Tristan Thompson
In the sneak peek, Khloe is in a hospital room about to give birth, surrounded by her friends, family, and Tristan . Khloe Kardashian has wanted her daughter to grow up with his father and his mother.

Cyclone Gaja: Alert issued in Andhra's Chittoor, holiday declared for schools
The collector said reports of trees being uprooted under the impact of the cyclonic storm were received from different areas. Officials said it would take at least two days to restore power supply in full in districts like Nagapattinam and Thiruvarur.

Meet the all-new 2020 Toyota Corolla
The model's design concept is called 'Shooting Robust, ' which Toyota says emphasizes a lower stance and center of gravity. The larger engine is shared with the 2019 Corolla hatchback , a redesigned model that went on sale earlier this year.

Amazon Canada Is Launching Black Friday Early This Year
For those who don't know, the Echo Dot is the smallest speaker in Amazon's ever-growing arsenal of AI-powered devices. Now, the online retailer is revealing a new promo scheme called " Seven Days of Black Friday Deals ".

Khmer Rouge Genocide: Court rules former leaders committed genocide
Many believe Friday's decision will be the last for the tribunal, which has been marred by allegations of political interference. Between 1.7 and 2.2 million people, nearly a quarter of the population, died during the 1975-79 rule of the Khmer Rouge.

Social media backlash forces Lewis Hamilton to clarify Indian Grand Prix comments
Other countries that hosted F1 events apart from the traditional places include South Korea, Russia, Turkey, China and Azerbaijan. Sky Sports F1 is the only place to watch every Formula 1 Grand Prix, qualifying and practice session live in 2018.

Rebel Wilson's defamation payout reduced by 90%
Wilson, meanwhile, has said that the past few years have been a "long journey" through the Australian courts. Wilson said the whole reason for bringing her case is that she "really wanted to stand up to a bully".

Shailesh Vara resigns over Brexit draft deal disagreement
Rumours are circulating that Environment Secretary Michael Gove is considering whether or not to follow him out of Government. It is suggested as many as a third of the 28 ministers that attended that Cabinet meeting voiced doubts about the deal.

Why Vikings Are Strong Play as Road Underdog vs. Bears
Eddie Jackson is a little bit more of a ball hawk since they've added him. "Their team speed is much better now", Zimmer said. Chicago leads National Football League with 16 interceptions, ranks second with 24 takeaways. "I think that's part of it".

New Withings Pulse HR fitness tracker unveiled for €130
It has all the usual capabilities we'd expect out of a fitness tracker, as it tracks your heart rate, activity, and sleep cycles. The rectangular Pulse HR, which goes on sale December 5, looks more like a Fitbit than Withings' analog watch-like Steel lineup.

United States prosecutors charge Wikileaks’ Julian Assange, reveals court document
The filing in the Eastern District of Virginia came on August 22, in a case that combines national security and sex trafficking. USA prosecutors are gearing up for what they hope will be Julian Assange's day in an American court, according to a new report.

Schmidt eyes more history against Hansen's All Blacks
Sean Cronin, Jack McGrath, Andrew Porter, Iain Henderson , Josh van der Flier , Luke McGrath, Joey Carbery, Jordan Larmour . Schmidt admits his side must not repeat the errors that cropped up in the 28-17 win over Argentina last Saturday.

Warriors offering $100 monthly pass with no view of court
The Warriors have 44,000 people on the waiting list for season tickets, and plan to sell 200 of the new "In The Building" passes. It is believed this is the first time a team has offered fans a ticket merely to get into the building without viewing access.

Porter Projected To Win In Orange County As Democrats Take The Lead
Jordan , co-founder of the House Freedom Caucus, blamed the GOP's recent electoral losses on retiring House Speaker Paul D. Senate, where I've worked for the people of Iowa and our nation for 38 years", Grassley said in a statement Wednesday.

DeepMind transfers Streams mobile health app to Google control
DeepMind repeatedly, unconditionally promised to *never* connect people's intimate, identifiable health data to Google. Now the London-based lab will be sharing operations with the US-based Google Health unit.