Uber loss tops $1bn loss ahead of planned IPO next year

Uber chief executive Dara Khosrowshahi

RIDE-SHARE company Uber said yesterday its net loss topped US$1 billion (RM4.2 billion) in the recently ended quarter as it pumped money into bikes, scooters, freight and food delivery.

Uber Technologies posted a more than US$1 billion loss in the three months to September as the company continued to invest in new business segments such as freight and food delivery and electric bikes and scooters.

It also had $1.54 billion in cash and equivalents.

Those gains, however, reflected a slowdown when compared the third quarter of past year, when Uber's revenue was up 38 percent and gross bookings rose 34 percent.

Uber has also expanded its services beyond auto rides to freight hauling, delivering food, and sharing scooters or bicycles.

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Revenue for the quarter was US$2.95 billion, a 5 percent boost from the previous quarter and up 38 percent from a year ago. On either metric, the loss was about 20 percent higher than Uber's loss in the second quarter.

Appointments development slid into the single digits on a quarterly premise toward the beginning of this current year, Reuters said. Uber bookings were about $12.7 billion in September quarter.

Uber a year ago chose to share selected financial figures publicly. Under the chief executive Dara Khosrowshahi, who took over from Kalanick, Uber has also retreated from some markets where it has suffered losses.

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

Uber is considering moving its public debut up from the second half of 2019 to the first half, given concerns about a market downturn and an expected IPO from its chief US rival, Lyft Inc, according to sources familiar with the matter. For the first time, Uber provided specific numbers for its UberEats business. Last month, Uber announced its intention to expand Eats to cover 70 percent of the US population by the end of this year.

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