Millennium Post

Uber loss tops $1 billion as it seeks to diversify

San Francisco: Ride-share company Uber on Wednesday said that its net loss topped a billion dollars in the recently ended quarter as it pumped money into bikes, scooters, freight and food delivery.

While a private company, Uber has taken to sharing quarterly earnings figures as it prepares for a keenly-anticipated debut on the stock market next year. Figures released by Uber showed the San Francisco-based company lost 1.1 billion on revenue that grew to 3 billion, while overall bookings notched up to 12.7 billion. "We had another strong quarter for a business of our size and global scope," Uber chief financial officer Nelson Chai said in a statement.

"As we look ahead to an IPO and beyond, we are investing in future growth across our platform, including in food, freight, electric bikes and scooters, and high-potential markets in India and the Middle East." In the previous quarter, the smartphone-summoned ride service reported it lost 891 million on net revenue of 2.8 billion, with overall bookings of 12 billion.

Uber is eyeing a valuation above 100 billion for its share offering due in 2019, which would be the biggest-ever in the tech sector, sources familiar with the plan said last month.

The sources said the global ridesharing giant is considering speeding up its plans for an initial public offering to the first half of 2019, rather than the second half of the year.

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