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

The Uber application is seen on a mobile phone in London Britain

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.

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.

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 ".

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.

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

'Fundamental' agriculture reforms needed for United Kingdom to reach carbon neutrality, says CCC
'Fundamental reform'Lord Deben, Chairman of CCC, said the way land is used in the United Kingdom needs "fundamental reform".

US to oppose UN Golan resolution, wins Israeli praise
The resolution on the occupied Syrian Golan was one of the nine separate resolutions which condemned the Israeli regime. Ambassador to the United Nations Nikki Haley said on Thursday that Washington would vote against the resolution.

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.

Thanksgiving Warning: USDA Urged to Name Turkey Brands Linked to Salmonella Outbreak
The CDC says that the states with the most instances of salmonella poisoning include New York , Illinois, Texas, and Minnesota. The USDA and FSIS announced the recall Thursday for more than 91,000 lbs. of Jennie-O ground turkey, in four varieties.

Ariana Grande and Pete Davidson get post-breakup makeovers
Ariana hinted that her Pete Davidson chapter was over when she reflected on post break-up life earlier this week. Although she made no mention of it in the caption.

Catch 'Fantastic Beasts: The Crimes of Grindelwald' in Cinemas Today!
Giving a brand new meaning to fashion to die for, Ezra Miller served up a deadly twist for his most daring red carpet look yet. A representative did not immediately return PEOPLE's request for comment. "You've given a nine-year-old a knife"'.

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.

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.

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.

Judge orders White House to restore CNN reporter’s pass
For a White House correspondent like Acosta, the White House, or wherever the President is travelling, is his workplace. The judge did not base his core ruling off the First Amendment but rather the Due Process clause of the 5th Amendment.

Liverpool defender Lovren mocks Ramos - 'elbowed him good'
Lovren may even have been attempting to twist the knife further by posing with Ramos' Real Madrid teammate Luka Modric. Now England can qualify if they beat Croatia on Sunday, whilst they can also be relegated if they fall to defeat.

Norwich Airport flight provider Flybe puts itself up for sale
It saw group revenues fall 10% or 2.4% on an underlying basis to £409.2 million after it cut capacity by 9%. Stobart Group walked away from a bid for Flybe in March after the two firms failed to agree terms.

Trump pushes out senior adviser in White House reshuffle
While Bolton likes her, according to Trump administration officials, Ricardel is widely disliked among other White House staff. Mrs Trump is also said to believe Ms Ricardel was behind a series of unflattering stories about her.

New Zealand fight back with Williamson fifty
However, it will be interesting to see how the Kiwis respond here as they have not played any Test match in the last seven months. New Zealand also have a strong pace attack with Trent Boult, Tim Southee, Neil Wagner and Matt Henry to chose from.

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.