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Uber loses $1bn in three months as growth slows

Uber loses $1bn in three months as growth slows
By: Sky News Posted On: November 15, 2018 View: 29

Uber loses $1bn in three months as growth slows

Uber has reported a quarterly loss of $1.07bn (£820m) as it pumped money into bikes, scooters and food deliveries.

July to September's losses were $177m (£136m) higher than the quarter from April to June - and come as the ride-hailing giant prepares for a keenly anticipated flotation next year.

Revenue rose 5.4% over the third quarter and gross bookings increased by 6% to reach $12.7bn (£9.78bn), but these figures represent a slowdown in growth when compared with the same period a year ago.

It was the third quarter in a row that Uber's quarter-on-quarter bookings growth has remained in single digits after double-digit growth through the whole of 2017.

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.

Uber faces pressure to show it can still grow enough to become profitable as it prepares for an initial public offering some time next year.

Chief financial officer Nelson Chai said: "We had another strong quarter for a business of our size and global scope."

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He emphasised the importance of "high-potential markets in India and the Middle East where we continue to solidify our position".

In the UK, Uber has faced controversy over drivers' rights and a bruising battle over its London licence after failings in the way it operates identified by the capital's transport authorities.

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