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.

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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.

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