Uber reports $1.5 billion quarterly loss, Latest Business News - The New Paper

Uber reports $1.5 billion quarterly loss

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SAN FRANCISCO Uber said on Wednesday that growth in bookings for its ride-hailing and delivery services rose 6 per cent in the latest quarter, the third quarter in a row that growth has remained in the single digits after double-digit growth for all of last year.

The San Francisco-based company lost US$1.07 billion (S$1.5 billion) for the three months ending Sept 30, a 20 per cent increase from the previous quarter but down 27 per cent from a year ago, when it posted its biggest publicly reported quarterly loss on the heels of the departure of Uber co-founder and former chief executive Travis Kalanick.

Uber is seeking to expand in freight hauling, food delivery and e-bikes and scooters as growth in its ride-hailing business dwindles. The company, valued at US$76 billion, faces pressure to show it can still grow enough to become profitable and satisfy investors in an initial public offering planned for next year.

Its adjusted loss before interest, taxes, depreciation and amortisation was US$592 million, down from US$614 million last quarter and US$1.02 billion a year ago. - REUTERS